‘Significant investment’ keeps golf club afloat

DRUIDS Glen Golf Club, the former host of the Irish Open, needed significant investment last year to keep it afloat.

According to accounts just filed for Druids Glen Golf Club Limited, the investment was made by related companies.

The company incurred a net loss of €514,849 in 2009. In the previous year it had a loss of €278,929. Its net liabilities at the end of last year were €1,528,311.

The accounts for last year also showed accumulated losses forward at the end of 2009 were €3,877,326.

In an emphasis of matter regarding the company’s ability to continue as a going concern, auditors Justin Noone & Co said these conditions, along with the other matters, indicate the existence of a material uncertainty which may cast “significant doubt about the company’s ability to continue as a going concern”.

They said the company has commitments from related companies with regard to financial support in the future and received significant support during 2009.

In the accounts the directors said they believe that commitments to members, future plans by the company to develop business and guarantees/commitments by related companies for financial and managerial support when needed will enable the company to carry on trading even though substantial losses are incurred.