K Club’s failure to impair assets does not sit well with auditors

The failure by the K Club to write down the value of its assets has resulted in its auditors issuing an adverse opinion on the company’s latest accounts.

Accounts just filed with the Companies Office show Bishopscourt Investments Ltd and subsidiaries, which operates the five-star Co Kildare resort, recorded a pre-tax loss of €7m in 2010 that followed pre-tax losses of €6.5m in 2009.

The 2010 loss followed revenues at the group, which staged the 2006 Ryder Cup, decreasing by 12% from €11.1m to €9.8m in 2010.