REGISTERED NUMBER: NI029032 (Northern Ireland)

GALGORM CASTLE ESTATES LIMITED

Financial Statements for the Year Ended 31 October 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Tiarnán O'Neill

Gary Harold Henry

Colin William Johnston

Israel Robb

REGISTERED OFFICE:

Mills Selig

21 Arthur Street

Belfast

BT1 4GA

REGISTERED NUMBER:

NI029032 (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

NON-CURRENT ASSETS

Tangible assets

5

7,224,011

6,782,326

Investments

6

1

1

7,224,012

6,782,327

CURRENT ASSETS

Stocks

7

84,155

74,510

Receivables: amounts falling due within one year

8

162,274

73,050

Cash at bank and in hand

9,760

110,290

256,189

257,850

PAYABLES

Amounts falling due within one year

9

(3,157,349

)

(3,029,562

)

NET CURRENT LIABILITIES

(2,901,160

)

(2,771,712

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,322,852

4,010,615

PAYABLES

Amounts falling due after more than one year

10

(35,683

)

(69,556

)

PROVISIONS FOR LIABILITIES

(78,962

)

(70,860

)

NET ASSETS

4,208,207

3,870,199

CAPITAL AND RESERVES

Called up share capital

1,200,000

1,200,000

Share premium

20,000

20,000

Revaluation reserve

11

1,920,674

1,920,674

Retained earnings

1,067,533

729,525

SHAREHOLDERS' FUNDS

4,208,207

3,870,199

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 30 July 2026 and were signed on its behalf by:

Tiarnán O'Neill - Director

1.	STATUTORY INFORMATION

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

The principal activity of the company is the provision of a Golf Club and its associated services.

2.	STATEMENT OF COMPLIANCE

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 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 Green fees and Shop & Driving Range income, revenue is recognised at the point when the service is provided. Subscription income is measured over the period it relates to.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property

Not Depreciated

Assets under construction

Not Depreciated

Plant and machinery

20% - Straight line

Computer equipment

25% - Straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Statement of Financial Position date.

Financial assets and liabilities arc offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

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

Benefits received and receivable as an incentive to sign an operating lease arc 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 arc depreciated over their useful lives. Finance leases are those where substantially all of die benefits and risks of ownership arc assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance clement of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits

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

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provision for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to in the income statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Pensions

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.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 17 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Assets

Freehold

Under

Plant and

Computer

property

Construction

machinery

equipment

Totals

£

£

£

£

£

COST

At 1 November 2024

6,460,005

-

1,768,754

-

8,228,759

Additions

20,000

177,276

292,377

7,963

497,616

At 31 October 2025

6,480,005

177,276

2,061,131

7,963

8,726,375

DEPRECIATION

At 1 November 2024

-

-

1,446,433

-

1,446,433

Charge for year

-

-

55,907

24

55,931

At 31 October 2025

-

-

1,502,340

24

1,502,364

NET BOOK VALUE

At 31 October 2025

6,480,005

177,276

558,791

7,939

7,224,011

At 31 October 2024

6,460,005

-

322,321

-

6,782,326

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2024

and 31 October 2025

1

NET BOOK VALUE

At 31 October 2025

1

At 31 October 2024

1

7.

STOCKS

31/10/25

31/10/24

£

£

Inventories

84,155

74,510

8.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/25

31/10/24

£

£

Trade debtors

14,723

2,453

Amounts owed by group undertakings

47,500

33,514

Amounts owed by associates

-

4,692

Other debtors

100,051

32,391

162,274

73,050

Amounts owed by group undertakings and associates are interest free, unsecured and repayable except those which are financing in nature whereby a market rate of interest is applied.

9.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/25

31/10/24

£

£

Hire purchase contracts

33,873

46,187

Trade payables

112,837

64,971

Amounts owed to group undertakings

2,699,127

2,609,213

Taxation and social security

11,132

62,673

Other payables

300,380

246,518

3,157,349

3,029,562

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Obligations under finance leases and hire purchase contracts are secured against the assets purchased under these arrangements.

10.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

31/10/25

31/10/24

£

£

Hire purchase contracts

35,683

69,556

11.

RESERVES

Revaluation

reserve

£

At 1 November 2024

and 31 October 2025

1,920,674

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

The Auditors' Report was unqualified.

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

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

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption given in FRS 102 section 33. This exemption permits non-disclosure of related party transactions of a wholly-owned subsidiary company within a group.

14.	ULTIMATE CONTROLLING PARTY

The smallest and largest group for which consolidated accounts are prepared including the results of this company is Eirmon Holdings Limited.

The Hill family is deemed to be the ultimate controlling party of the company.