Golf club hit with negative swing

Castleknock Golf Club was one of eight Monarch Properties’ companies to record a loss last year.

Accounts just filed by the group’s companies show the Dublin-based Castleknock Golf Club plc recorded a loss of €355,957 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.

The figures show that Castleknock Golf Club plc recorded the loss of €355,957 — a negative swing of €1.975m. The loss follows the golf club firm’s revenues dipping from €2.1m to €1.7m.

According to the directors’ report: “The result for the year and the financial position at the year end were considered satisfactory by the directors in the light of the current economic climate.

“The current economic climate is challenging and the company has reported an operating loss for the year. The company is heavily dependent on bank borrowings to finance its operations.

“The company’s bankers are currently in the process of reviewing the company’s lending facilities.

“The directors have prepared a short-to-medium term financial plan which the bank, together with their independent financial advisers, are currently assessing. The directors are confident that their plan will be largely acceptable to the bank and have consequently prepared the accounts on the going concern basis.”

Separate accounts filed by Monarch Properties Holdings Ltd outline losses at the group’s firms. They show Monarch Properties Ltd recorded a loss of €755,762; Monarch Business Park Services Ltd recorded a loss of €384,597; Blackrock Business Park Ltd recorded a loss of €384,597; M50 Motors Ltd recorded a loss of €103,382; Ampezzano Ltd recorded a loss of €63,366; Lagonda Ltd recorded a loss of €39,076 with Ringford Company Ltd recording a loss of €12,960.

A note attached to Monarch Properties Holdings Ltd states the directors “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”.


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