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Registered number:
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
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GOLFBREAKS BONDS PLC
COMPANY INFORMATION
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GOLFBREAKS BONDS PLC
CONTENTS
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GOLFBREAKS BONDS PLC
STRATEGIC REPORT
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
The directors present their strategic report together with the audited financial statements for the 11 month period ended 31 March 2026.
The principal activity of the Company during the period was managing the administration of the investment opportunity for our bond-holders.
The investment is provided to Golfbreaks Limited under an intra-company loan agreement to underpin investment required for new markets and an increased focus on digital improvements to the customer journey.
Whilst there are no key performance indicators relevant to the Company, the directors set and review policies for managing each of the other trading entities within the Group which are explained in detail in the Group strategic report of Golfbreaks Limited.
The Company is required to be informed six months prior to the four-year anniversary date of issuance, or any subsequent anniversary date thereafter, if any individual bond-holder wishes to redeem their bond. Otherwise, as per the terms of the bond instruments, the bond will automatically rollover on an annual basis.
For Golfbreaks Bond 1, the next notification date is 15 January 2027 for redemption in July 2027. At the period end, the liability is contractually due after more than one year and is classified as due after more than one year. Prior to the period ended 31 March 2026 and by the January 2026 deadline for the redemption of bonds in July 2026, the Company had received notice for redemptions totalling £32,000 (30 April 2025 - £57,000), as a result the majority of the bond has rolled over. For Golfbreaks Bond 2, the next notification date was 16 May 2026. At the period end the liability is contractually due within 12 months as redemption is for November 2026. However, as at the signing of these financial statements, redemptions in respect of Bond 2 were known and amounted to £111,000 (30 April 2025 - £69,000). £111,000 has been classified as due within one year and the rest classified as amounts owed after more than one year.
The Golfbreaks Limited group reported profit for the 11 month period of £2.35 million (30 April 2025 - £2.8 million) and has a Net Surplus in Shareholders' Funds of £7.1 million. The financial statements have been prepared on the going concern basis as the directors have prepared sensitised forecasts for the Group and having undertaken a review of the future financing requirements for on-going operations of the Group, are satisfied that sufficient cash facilities are secured to meet its working capital requirements, which includes Golfbreaks Bonds Plc, for at least 12 months from the date of signing of these financial statements. Further details of the directors' assessment of going concern are given in note 2.3 to the financial statements.
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GOLFBREAKS BONDS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
It is important to consider the success of the Group headed by Golfbreaks Limited and we direct you to the detail required under Section 172 of the Companies Act 2006 as disclosed in detail in the Golfbreaks Limited financial statements.
This report was approved by the board on 22 July 2026 and signed on its behalf.
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GOLFBREAKS BONDS PLC
DIRECTORS' REPORT
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
The directors present their report and the financial statements for the 11 month period ended 31 March 2026.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and 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 the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the 11 month period, after taxation, amounted to £5,454 (30 April 2025 - £1,040).
The directors did not recommend the payment of dividend in the period (30 April 2025 - £Nil).
The directors who served during the 11 month period were:
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GOLFBREAKS BONDS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the period is 40,000kWh or lower. The appropriate disclosure for the Group has been disclosed in the financial statements of Golfbreaks Limited.
The Directors are mindful of their statutory duty to act in the way they each consider, in good faith, would be most likely to promote the success of the Company for the benefits of its members as a whole, as set out in our Section 172(1) statement on page 2 of the Strategic Report. A consideration of the Company's relationship with wider stakeholders, including suppliers and customers, is disclosed in further detail in the financial statements of the parent company, Golfbreaks Limited.
There have been no significant events affecting the Company since the period end.
This report was approved by the board on
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GOLFBREAKS BONDS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC
We have audited the financial statements of Golfbreaks Bonds PLC (the 'Company') for the 11 month period ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GOLFBREAKS BONDS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial 11 month period 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.
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.
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GOLFBREAKS BONDS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional skepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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GOLFBREAKS BONDS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS BONDS PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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GOLFBREAKS BONDS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
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GOLFBREAKS BONDS PLC
REGISTERED NUMBER: 09020564
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 19 form part of these financial statements.
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GOLFBREAKS BONDS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
As disclosed in the Strategic Report, the principal activity of the Company during the period was managing the administration of the investment opportunity for our bond-holders.
The Company is an unquoted public company limited by shares, incorporated in England and Wales, for which its registered number is 09020564. The address of the Company's principal place of business is Minton Place, Victoria Street, Windsor, Berkshire, SL4 1EG. The registered office details of the Company are stated on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The functional and presentational currency of the company is GBP sterling (£).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows; • the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); • the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a}(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); • the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; • the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Golfbreaks Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
The directors have assessed the going concern basis of the preparation of the financial statements at a Group level. The Golfbreaks Limited Group reported profits for the period of £2.35 million and has a Net Surplus in Shareholders’ Funds of £7.1 million. The financial statements have been prepared on the going concern basis as the directors have prepared sensitised forecasts for the Group and having undertaken a review of the future financing requirements for on-going operations of the Group, are satisfied that sufficient cash facilities are secured to meet its working capital requirements, which includes Golfbreaks Bonds Plc, for at least 12 months from the date of signing of these financial statements.
Bond Redemption At 31 March 2026 the Group has net current assets of £5.4 million excluding bond redemption repayments of £143,000 due in the next 12 months from the statement of financial position date. As part of their review, the directors have made certain estimates about the redemption of bond 1. The next potential notification date for bond 1 holders to request redemption of bonds is in January 2027, for redemption in July 2027. The directors have used an anticipated redemption rate based on the historic redemption experience of bond 1, since the first redemption window in January 2018, when forecasting. In the event of a 100% redemption requirement in July 2027 in respect of bond 1, the Group will still have sufficient headroom to meet its working capital requirements over the next 12 months. The next potential notification date for bond 2 holders to request redemption of bonds is in May 2027, for redemption in November 2027. Geopolitical Tensions The uncertainty caused by rising costs in the UK and geopolitical tensions in Eastern Europe and the Middle East have also been considered as part of the Group's adoption of the going concern basis. Downside sensitivities were applied to the base case cashflow model to understand the potential impact of needing to defer or refund bookings, based on future prospects, performance and an assessment of the economic environment. The parent company directors continue to responsibly manage cash reserves and take the required commercially reasonable steps (including, options to pursue further financing) to mitigate any downside scenarios and ensure sufficient funds are available to satisfy anticipated bond redemptions over the 12 month period following the signing of these financial statements. For this reason, the directors of Golfbreaks Bonds Plc continue to adopt the going concern basis in preparing the financial statements.
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Critical accounting estimates and assumptions Recoverability of intercompany balances - When assessing the recoverable amount owed by Group undertakings, management considers factors including the debtors solvency and ability to pay loans within contractual terms. The directors do not consider there to be any other significant judgments or estimates within the financial statements.
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
Profit and loss account
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GOLFBREAKS BONDS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026
The immediate parent company is Golfbreaks Limited, a company registered in England and Wales, by virtue of its 100% shareholding in the Company.
The largest group of which the Company is a member and for which group consolidated financial statements are drawn up is headed by Sports Tours International Limited. Copies of these financial statements are available from Companies House. The Group is considered to be under the control of the Done family.
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