Losses at golf club hit €137k

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

Accounts just filed by the group’s companies show the Dublin-based golf club recorded a loss of €137,027 in the 12 months to the end of April last year.

Monarch has built many of the country’s largest shopping centres, including The Square in Tallaght and centres in Dundalk, Drogheda, Navan, and Athlone.

The figures show that Castleknock Golf Club recorded the loss after recording a loss of €355,957 in 2011.

Monarch Properties recorded a loss of €649,513 last year.

A note attached to the accounts of Monarch Properties Holdings Ltd, says “the company has reviewed its cost structure in light of the downturn in the economy and the construction sector with a view to improving open market value”.

“The company’s/group’s bankers are currently in the process of restructuring the company’s/group’s lending facilities.

“The directors have prepared a short-to-medium term financial plan which the bank, together with their independent financial advisers, are current assessing.”

The directors state that they “are confident their plan will be largely acceptable to the bank and have consequently prepared the accounts on a going concern basis”.

The note states that on the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.

They accounts show that last year, Monarch Properties Ltd recorded a loss of €649,513.

Monarch Properties Services Ltd recorded a loss of €987,110, while Blackrock Business Park Ltd recorded a loss of €384,597, and M50 Motors Ltd recorded a loss of €691,029.

Mariena Properties Ltd recorded a loss of €93,468 while Ringford Company Ltd recorded a loss of €11,928.

The firms had an aggregate shareholders’ deficit of €19.15m.


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