REGISTERED NUMBER: NI027233 (Northern Ireland)

GALGORM MANOR HOTEL LIMITED

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 October 2025

Page

Company Information

1

Strategic Report

2

Directors' Report

7

Independent Auditors' Report

11

Income Statement

15

Statement of Financial Position

16

Statement of Changes in Equity

17

Statement of Cash Flows

18

Notes to the Statement of Cash Flows

19

Notes to the Financial Statements

20

DIRECTORS:

Colin William Johnston

Tiarnán O'Neill

Israel Robb

Lynsey Gordon

REGISTERED OFFICE:

C/o Carson McDowell LLP

Murray House

Murray Street

Belfast

Antrim

BT1 6DN

REGISTERED NUMBER:

NI027233 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

BANKERS:

AIB

78 Wellington Street

Ballymena

Antrim

BT43 6AF

SOLICITORS:

McGarrigle Legal Limited

7th Floor West Tower

8 Lanyon Place

Belfast

BT1 3LP

INTRODUCTION

The directors present their report and the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS

The principal activities of the company during the year continued to be that of the provision of hotel, spa, golf, restaurant and bar facilities, together with wedding, meeting and events facilities, at Galgorm, the flagship property of the Galgorm Collection.

The directors consider the results for the year to be in line with expectations with turnover of £39,242,244 (2024: £37,728,900) and profit before tax of £6,986,876 (2024: £6,891,919).

Net assets of the company at the year end were £27,242,908 (2024: £24,554,615). The company continues to maintain a strong, asset-backed balance sheet which underpins its business model and growth ambitions. The Board of Directors are satisfied with the company's performance for the year and the position at the balance sheet date.

KEY FINANCIAL PERFORMANCE INDICATORS

The directors consider the key performance indicators are those that communicate the financial performance and strengths of the company as a whole, being turnover, gross profit and operating profit. The directors have provided an analysis of the key performance indicators of the business below. The directors continue to monitor revenue and costs to ensure the company remains profitable. The company continues to maintain a strong net asset position.

31/10/25

31/10/24

£/No.

£/No.

Turnover

39,242,244

37,728,900

Gross profit

13,940,166

13,882,322

Operating profit

7,679,385

7,730,660

Average number of employees

645

649

In addition to the financial measures above, the directors monitor a range of operational performance indicators standard to the resort sector, including occupancy, average daily rate, revenue per available room and total revenue per available room, together with spa utilisation and guest satisfaction. The directors consider detailed disclosure of these operational measures to be commercially sensitive and accordingly do not publish them. The directors also monitor employee retention and engagement, recognising the central importance of the company's people to the guest experience.

BUSINESS MODEL

The company operates Galgorm as an integrated destination resort and the flagship property of the Galgorm Collection. The company's revenues are deliberately diversified across luxury accommodation, the Spa Village, golf, restaurant and bar operations, weddings and a meetings and events business. The directors consider this breadth of offering to be fundamental to the resilience of the business, with softer demand in any one area typically offset by strength elsewhere.

The company continues to strengthen the global positioning of its brand through a clearly defined strategic approach. By actively reviewing core market segments and investing in product innovation, Galgorm ensures it remains competitive while exceeding the expectations of its diverse guest base.

As the flagship property of the Collection, Galgorm anchors the brand of the wider group and acts as its centre of excellence for service standards and hospitality training, benefiting from and contributing to group capabilities in reservations, revenue management, procurement, marketing, finance and people development.

Collaboration with key industry bodies and stakeholders remains integral to the company's strategy, with a commitment to developing tourism not only for commercial growth but for the wider benefit of Northern Ireland's visitor economy. Of particular cultural significance is Galgorm's location near Gracehill, a historic Moravian settlement and now Northern Ireland's first UNESCO World Heritage Site. This internationally recognised designation affirms the area's outstanding universal value and enhances the region's attractiveness to global visitors seeking authentic heritage experiences., supporting the company's ambition to grow international awareness of the resort.

STRATEGY

The company's overarching strategy is to deliver world-class, market-leading hospitality and tourism experiences that sustain the local Northern Ireland market, grow engagement from the Republic of Ireland, and increase international awareness. This approach is underpinned by sustained reinvestment, innovation, and a commitment to delivering exceptional guest experiences.

During the year, the company continued to strengthen its position within Northern Ireland's tourism and hospitality sector through strategic partnerships, investment, and community engagement. A strategic partnership with Visit Belfast was established to enhance destination marketing, increase visitor awareness and support the continued growth of domestic and international tourism to Northern Ireland.

The company also reaffirmed its commitment to investment-led growth through the announcement of a £3 million refurbishment programme for the Junior Suites at Galgorm, alongside the introduction of the first phase of the Forest Spa Garden development. These initiatives further enhance the guest experience and support the resort's ambition to remain at the forefront of luxury hospitality and wellness tourism.

Community impact remains a core element of the company's strategy. During the year, Galgorm Collection marked a significant milestone in its long-standing partnership with Simon Community Northern Ireland, having raised more than £180,000 over the last 15 years to support the charity's vital work tackling homelessness across the region.

These strategic milestones reflect the company's continued focus on investment, innovation, community impact and destination development, reinforcing its position as a leader in Northern Ireland's hospitality and tourism sector.

PRINCIPAL RISKS AND UNCERTAINTIES

The board continually reviews risks and uncertainties facing the company by regular review of the company's performance, compliance activities and wider economic factors influencing the marketplace in which the company operates.

Economic risk

We are committed to maintaining an asset-backed balance sheet which underpins our business model and our growth ambitions. Whilst the directors are content the business is in a strong financial position, we are mindful of additional challenges facing the industry including inflationary pressures on utility costs, food and beverage costs and supply chain pressures, together with the sensitivity of demand for luxury hospitality to consumer confidence and disposable income. However, we believe our robust operating model with a focus on cost control, the diversity of the company's revenue streams and geographic customer mix, as well as our strong relationships with our suppliers, will help mitigate these challenges.

People risk

The availability and retention of skilled hospitality staff remains a sector-wide challenge, and the company's people are fundamental to the guest experience. The company mitigates this risk through sustained investment in training, development, wellbeing and retention, as set out in the Employment section below, and through its position as an employer of choice within the local community.

Interest rate risk

The company has a policy of maintaining debt at SONIA linked rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Price risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The company has no exposure to equity securities price risk as it holds no listed investments.

Liquidity risk

The company actively maintains a mixture of short term and medium term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Foreign exchange risk

When necessary, the company uses financial instruments to manage foreign exchange exposure, in the normal course of the business.

The board recognises its responsibility for managing business risk faced by the company including the promotion of good corporate governance, meeting legal and statutory obligations, and ensuring a strong framework of internal and financial controls.

EMPLOYMENT

The company is committed to creating careers of purpose, recognising the vital contribution of each employee. We continue to invest in the training, development, and retention of our people, underpinned by internal communication and health and safety processes.

We are proud to remain a key employer within the local community and are dedicated to championing best practice in our approach to employment. Providing access to development opportunities is a key pillar of our retention strategy, enabling us to support career progression, build core capabilities, and develop future industry leaders.

STAKEHOLDER ENGAGEMENT AND SECTION 172 STATEMENT

From the perspective of the directors, the matters for consideration under section 172 of the Companies Act 2006 ("s172") have been considered to an appropriate extent by the company. Such consideration is reflected in the statements set out below, with the directors acknowledging their duty under s172 to act in good faith to promote the success of the company for the benefit of its shareholders, while having regard, amongst other matters, to:

- the likely consequences of any decision in the long term;

- the interests of the company's employees;

- the need to foster the company's business relationships with guests and others;

- the impact of the company's operations on the community and the environment;

- the desirability of the company maintaining a reputation for high standards of business conduct; and

- the need to act fairly as between members of the company.

The Board of Directors of the company, both individually and collectively, confirms that it has acted in the way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole - having regard to the stakeholders and matters set out in Section 172(1)(a)-(f) of the Act - in the decisions taken during the year ended 31 October 2025. The following paragraphs summarise how the directors fulfil their duties:

-As the Board of Directors, our intention is to behave responsibly and ensure that the business is managed with integrity, care, and professionalism. The Board remains accountable for ensuring sound governance and oversight, aligned to the long-term interests of the company and its stakeholders.

-Throughout the year, the Board has prioritised strategic investment in the business to deliver long-term value, enhance guest experiences, and support regional economic growth.

-Our employees are fundamental to the success of the business. The company continues to offer purposeful careers and long-term development opportunities, with an emphasis on wellbeing, engagement, and safety. We are committed to being a responsible employer in our approach to pay, benefits, and performance management, ensuring our teams are supported to deliver outstanding guest experiences.

-We are equally committed to acting responsibly and fairly in how we engage with all other stakeholders, including guests, suppliers, local communities, regulators, and industry partners. These relationships are essential to the company's ability to operate successfully and sustainably. The strategic partnership established with Visit Belfast during the year reflects the Board's commitment to fostering relationships that benefit both the company and Northern Ireland's wider visitor economy.

-The company takes seriously the impact of its operations on the community and the environment. During the year, Galgorm Collection marked a significant milestone in its long-standing partnership with Simon Community Northern Ireland, having raised more than £180,000 over the last 15 years to support the charity's vital work tackling homelessness across the region.

-We are committed to ongoing, open engagement with our shareholders. Transparent communication of strategy and objectives, along with regular feedback and the appropriate consideration of shareholder input, remain central to our approach. The directors will continue to operate with integrity and accountability to uphold high standards of business conduct.

FUTURE OUTLOOK

The broader economic landscape remains subject to change, and the company will continue to monitor market conditions closely. Key areas such as consumer confidence, international tourism trends, and domestic travel behaviour will be continually analysed to ensure informed decision-making and resilience in the face of external pressures.

Despite global uncertainties, the company remains well-positioned for continued strategic growth. Business performance, long-standing partnerships, and a strong pipeline of capital investment, including the Junior Suites refurbishment programme and the continued phased development of the Forest Spa Garden, provide a robust platform to support future development and to sustain Galgorm's position as the flagship property of the Collection.

Within the wider Galgorm Collection, the successful integration of Roe Valley Resort and Galgorm Castle Estates continues to be a key strategic priority following their acquisition by the group in the previous financial year. While these assets are held within fellow group companies, their continued development is expected to broaden the Collection's appeal to new customer segments and further strengthen its presence across Northern Ireland's tourism and hospitality sector, reinforcing the brand of which the company is the flagship property.

The Collection also remains committed to its wider strategic investment programme maintaining a disciplined approach to capital allocation while pursuing opportunities that enhance shareholder value, support regional economic growth and reinforce its position as a leader in luxury hospitality. As the flagship property of the Collection, Galgorm remains central to that ambition, and the directors view the future with confidence.

ON BEHALF OF THE BOARD:

Tiarnán O'Neill - Director

31 July 2026

The directors present their report with the audited financial statements of the company for the year ended 31 October 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 was £2,400,000 (2024: £2,400,000).

RESULTS DURING THE YEAR

The profit for the year, after taxation, amounted to £5,270,293 (2024: £5,587,773.)

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Colin William Johnston

Tiarnán O'Neill

Israel Robb

Other changes in directors holding office are as follows:

Lynsey Gordon was appointed as a director after 31 October 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

The company made no political donations or incurred any political expenditure during the year (2024: £Nil).

DIRECTORS' INDEMNITIES

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The company also purchased and maintained throughout the financial year directors' and officers' liability insurance in respect of itself and its directors.

STREAMLINED ENERGY AND CARBON REPORTING

The following Streamlined Energy and Carbon Report (SECR) provides environmental impact information in accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

Galgorm Collection recognises the importance of Corporate Social Responsibility (CSR) initiatives and is committed to improving our working practices, protecting the natural environment, reducing our carbon footprint, behaving fairly and responsibly, supporting the local community and local business and ensuring that our operation is managed and delivered as sustainably as possible. We are committed to working toward a sustainable future and have achieved Green Tourism Gold and Green Meetings Gold for excellence in the promotion of sustainability.

We have developed our Responsible Visitor Charter and have introduced our 'Green Policy 10-Point Plan' that supports each of the 17 interlinking UN Sustainable Development Goals (SDGs). Galgorm Collection are proud members of Business in the Community and have made a submission to their NI Environmental Benchmarking Survey and are also a signatory to their Climate Action Pledge with a commitment to reducing absolute scope 1 and scope 2 greenhouse gas emissions by 50% by 2030; and working towards measuring and reporting scope 3 GHG emissions.

Galgorm Collection has completed the installation of a Building Management System throughout all our properties to help monitor and use energy more efficiently and reduce CO2 emissions.

There is a focus on improving biodiversity in the area that our businesses operate. Galgorm is engaged in activity with a number of partners in the local area to further enhance green space and open up access to the estate with additional walkways and cycle networks. We are utilising the natural environment and habitat within our properties to promote biodiversity, including but not limited to tree planting, longer grass areas, wildflowers and the installation of some bug hotels.

Our comprehensive plan also prioritises plastic, paper, cardboard, glass and food recycling across all our portfolio and ensures that all new projects within the properties are furnished with LED lighting, older installations of lighting are also being phased out and replaced with LED lighting.

At the heart of Galgorm Collections ongoing and established plans is a focus on supporting local communities. From litter picks to charity fundraising events in aid of our partners the Simon Community and Community Rescue Service, the Galgorm Collection team are actively engaged in a programme to give back and support communities across Northern Ireland.

Carefully considered and consulted at every level, our plan of action will realise our goal to create exciting, fully sustainable destinations that works for the environment, our guests, our team and communities.

In line with the 'Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018' and related accompanying government guidance 'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019', the collection presents details of its carbon and energy use.

2025

2024

tCO2

kWH

tCO2

kWH

Direct emissions

Combustion of gas and use of fuels for transport

2,314,470

12,654,311

2,328,138

11,448,356

Indirect emissions

Purchase of electricity

469,165

2,265,951

626,135

2,710,073

tCO2/£m sales

tCO2/£m sales

Sales intensity ratio

Combustion of gas and use of fuels for transport

59,043

61,754

Purchase of electricity

11,968

16,608

Methodologies used

We have followed the 2020 UK Government's Environmental Reporting Guidelines in Streamlined Energy and Carbon Reporting (SECR). Supplier invoicing data has been used to record actual energy consumption relating to Galgorm Manor Hotel Limited (the applicable entity).

Intensity measurement

We have chosen the metric gross global scope 1 and 2 emissions in tonnes of CO2 per £m sales revenue as this is a common business metric for our industry.

Energy efficient action

Galgorm Manor Hotel Limited are committed to actively implementing measures to reduce our energy consumption, costs and impact on the wider environment.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company 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;

-	state whether applicable 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 Company 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 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 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 company's website. Legislation in Northern Ireland governing the preparation and dissemination of financial statements and other information included in the directors' reports may differ from legislation in other jurisdictions.

ENGAGEMENT WITH EMPLOYEES

During the year, the policy of providing employees with information about the company has continued. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

DISABLED EMPLOYEES

As per the company's equal opportunity policy, all job applicants, employees and others who work for the company will not be discriminated against in any of the equality grounds, to include disability. The company gives full consideration to applications from all disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

MATTERS COVERED IN THE STRATEGIC REPORT

Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors report information in the strategic report:

- Key financial performance indicators;

- Future developments

- Principal risks and uncertainties;

- Principal activity and Business review; and

- Stakeholder engagement and Section S172 statement.

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

AUDITORS

The audit business of CavanaghKelly was acquired by Cooper Parry Audit (Ireland) Limited on 24th July 2025. CavanaghKelly has resigned as auditor and Cooper Parry Audit (Ireland) Limited has been appointed in place

The auditors, Cooper Parry Audit (Ireland) Limited, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Tiarnán O'Neill - Director

31 July 2026

Opinion

We have audited the financial statements of Galgorm Manor Hotel Limited (the 'Company') for the year ended 31 October 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Company's affairs as at 31 October 2025 and of its profit 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 Company 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 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 Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 Directors' Responsibilities Statement set out on page nine, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

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 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;

-

We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;

-

We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;

-

Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and

-

Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

-

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

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 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.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

31 July 2026

TURNOVER

5

39,242,244

37,728,900

Cost of sales

(25,302,078

)

(23,846,578

)

GROSS PROFIT

13,940,166

13,882,322

Administrative expenses

(9,034,471

)

(8,122,148

)

4,905,695

5,760,174

Other operating income

6

2,773,690

1,970,486

OPERATING PROFIT

9

7,679,385

7,730,660

Finance income

10

519,395

416,749

8,198,780

8,147,409

Finance costs

11

(1,211,904

)

(1,255,490

)

PROFIT BEFORE TAXATION

6,986,876

6,891,919

Tax on profit

12

(1,716,583

)

(1,304,146

)

PROFIT FOR THE FINANCIAL YEAR

5,270,293

5,587,773

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,270,293

5,587,773

NON-CURRENT ASSETS

Tangible assets

14

46,039,209

45,558,882

CURRENT ASSETS

Stocks

15

1,277,270

1,187,910

Receivables: amounts falling due within one year

16

2,162,245

2,216,956

Debtors: amounts falling due after more than one year

16

22,211,758

14,202,735

Cash at bank

554,151

1,142,185

26,205,424

18,749,786

PAYABLES

Amounts falling due within one year

17

(15,380,718

)

(14,122,653

)

NET CURRENT ASSETS

10,824,706

4,627,133

TOTAL ASSETS LESS CURRENT LIABILITIES

56,863,915

50,186,015

PAYABLES

Amounts falling due after more than one year

18

(24,367,016

)

(20,782,414

)

PROVISIONS FOR LIABILITIES

22

(4,466,334

)

(4,162,068

)

DEFERRED GRANTS

23

(605,657

)

(686,918

)

NET ASSETS

27,424,908

24,554,615

CAPITAL AND RESERVES

Called up share capital

24

935,000

935,000

Retained earnings

25

26,489,908

23,619,615

SHAREHOLDERS' FUNDS

27,424,908

24,554,615

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Tiarnán O'Neill - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

935,000

20,431,842

21,366,842

Changes in equity

Dividends

-

(2,400,000

)

(2,400,000

)

Total comprehensive income

-

5,587,773

5,587,773

Balance at 31 October 2024

935,000

23,619,615

24,554,615

Changes in equity

Dividends

-

(2,400,000

)

(2,400,000

)

Total comprehensive income

-

5,270,293

5,270,293

Balance at 31 October 2025

935,000

26,489,908

27,424,908

Cash flows from operating activities

Cash generated from operations

1

3,268,251

1,780,300

Interest paid

(1,144,924

)

(1,199,571

)

Interest element of hire purchase payments paid

(66,980

)

(55,919

)

Tax paid

(2,252,212

)

(846,401

)

Net cash from operating activities

(195,865

)

(321,591

)

Cash flows from investing activities

Purchase of tangible fixed assets

(2,481,985

)

(4,194,427

)

Sale of tangible fixed assets

82,126

119,565

Interest received

519,395

416,749

Net cash from investing activities

(1,880,464

)

(3,658,113

)

Cash flows from financing activities

New loans in year

5,000,000

7,000,000

Loan repayments in year

(972,904

)

(674,699

)

Capital repayments in year

(138,801

)

(132,905

)

Equity dividends paid

(2,400,000

)

(2,400,000

)

Net cash from financing activities

1,488,295

3,792,396

Decrease in cash and cash equivalents

(588,034

)

(187,308

)

Cash and cash equivalents at beginning of year

2

1,142,185

1,329,493

Cash and cash equivalents at end of year

2

554,151

1,142,185

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/10/25

31/10/24

£

£

Profit before taxation

6,986,876

6,891,919

Depreciation charges

1,988,362

1,822,313

(Profit)/loss on disposal of fixed assets

(8,028

)

12,618

Finance costs

1,211,904

1,255,490

Finance income

(519,395

)

(416,749

)

9,659,719

9,565,591

Increase in stocks

(89,360

)

(118,940

)

Increase in trade and other debtors

(7,695,423

)

(10,822,977

)

Increase in trade and other creditors

1,393,315

3,156,626

Cash generated from operations

3,268,251

1,780,300

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

554,151

1,142,185

Year ended 31 October 2024

31/10/24

1/11/23

£

£

Cash and cash equivalents

1,142,185

1,329,493

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank

1,142,185

(588,034

)

554,151

1,142,185

(588,034

)

554,151

Debt

Finance leases

(597,447

)

77,999

(519,448

)

Debts falling due within 1 year

(645,756

)

(315,230

)

(960,986

)

Debts falling due after 1 year

(19,558,206

)

(3,711,866

)

(23,270,072

)

(20,801,409

)

(3,949,097

)

(24,750,506

)

Total

(19,659,224

)

(4,537,131

)

(24,196,355

)

1.	STATUTORY INFORMATION

Galgorm Manor Hotel Limited is a private company, limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The principal activities of the company during the year continued to be that of the provision of hotel, spa, golf, restaurant and bar facilities, together with wedding, meeting and events facilities.

2.	STATEMENT OF COMPLIANCE

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

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis, under the historical cost convention, unless otherwise specified within these accounting policies. Historical cost is generally based on the fair value of consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the group financial statements.

The financial statements are stated in sterling which is the functional currency of the company.

Revenue

Revenue recognised in the Income Statement represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its performance. With respect to food, bar, spa and function room income, revenue is recognised at the point when the service is provided. For accommodation income, revenue is recognised over the duration of the guest's stay.

Foreign currency translation

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding each period.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and are disclosed in finance costs.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.