Property group’s golf club records €1.6m profit

CASTLEKNOCK Golf Club was one of five Monarch Properties companies to record a profit last year.

Accounts just filed by the group’s companies show that the Dublin-based Castleknock Golf Club plc recorded a profit of €1.6 million in the 12 months to the end of April last year.

The north Dublin-based property development group has built many of the country’s largest shopping centres, including The Square in Tallaght along with centres in Dundalk, Drogheda, Navan and Athlone.

Its developments also include Castleknock Golf Club and its €1.6m pre-tax profit include a Monarch subsidiary, Mariena Properties Ltd waiving €1.5m from Castleknock’s Golf Club’s plc loan to the firm.

The figures show that in total, five Monarch controlled companies recorded profits of €2.8m last year.

Another five Monarch companies recorded aggregate losses of €3m last year.

The figures show that the companies to make a profit include L&C Properties Ltd — a profit of €485,815; Lagonda Ltd, €298,531; M50 Motors Ltd, €274,685, and Mariena Properties Ltd, €134,991.

The returns show that Monarch Properties Services Ltd had a loss of €2m; Blackrock Business Park Ltd, a loss of €510,008, Monarch Properties, €442,194, and Ringford Company Ltd incurred a loss of €12,037.

Amongst the 10 trading companies in the Monarch Group, the figures show a net loss of €203,000.

In a note on the accounts for Monarch Properties Ltd and Castleknock Golf Club, they state that they “have reviewed the recent downturn in the financial and economic environment which has occurred in recent months and are aware of the market conditions, in which the company now operates”.

“In this context, they have reviewed the carrying value of debtors and stock which are carried at cost. The directors’ view is that debtors and stock are not impaired below the carrying cost, having considered current market conditions.

They state that “the company has reviewed its cost structure in light of the downturn in the economy and the construction sector with a view to improving efficiencies where possible.

The directors state are also the view that the company will continue to receive the support to receive the support of its shareholders and the company’s bankers on relation to its future financing.

Auditors for the two companies, Asple & Co, state that “the carrying value of debtors and stocks is subject to uncertainty due to the downturn in the construction sector, which impacts the company’s customer base, however, the directors are confident that debtors and stocks have not been impaired below cost.”