13 29 November 2023 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 0159754 2022-04-01 2023-03-31 0159754 2023-03-31 0159754 2022-03-31 0159754 2021-04-01 2022-03-31 0159754 2022-03-31 0159754 2021-03-31 0159754 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 0159754 core:PlantMachinery 2022-04-01 2023-03-31 0159754 core:FurnitureFittings 2022-04-01 2023-03-31 0159754 core:MotorVehicles 2022-04-01 2023-03-31 0159754 bus:Director2 2022-04-01 2023-03-31 0159754 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 0159754 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 0159754 core:PlantMachinery 2022-03-31 0159754 core:FurnitureFittings 2022-03-31 0159754 core:MotorVehicles 2022-03-31 0159754 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 0159754 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 0159754 core:PlantMachinery 2023-03-31 0159754 core:FurnitureFittings 2023-03-31 0159754 core:MotorVehicles 2023-03-31 0159754 core:DeferredTaxation 2022-04-01 2023-03-31 0159754 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 0159754 core:WithinOneYear 2023-03-31 0159754 core:WithinOneYear 2022-03-31 0159754 core:AfterOneYear 2023-03-31 0159754 core:AfterOneYear 2022-03-31 0159754 bus:AllOrdinaryShares 2022-04-01 2023-03-31 0159754 bus:AllOrdinaryShares 2021-04-01 2022-03-31 0159754 core:ShareCapital 2023-03-31 0159754 core:ShareCapital 2022-03-31 0159754 core:RetainedEarningsAccumulatedLosses 2023-03-31 0159754 core:RetainedEarningsAccumulatedLosses 2022-03-31 0159754 core:BetweenOneFiveYears 2023-03-31 0159754 core:BetweenOneFiveYears 2022-03-31 0159754 core:MoreThanFiveYears 2023-03-31 0159754 core:MoreThanFiveYears 2022-03-31 0159754 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 0159754 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 0159754 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 0159754 core:Non-currentFinancialInstruments 2023-03-31 0159754 core:Non-currentFinancialInstruments 2022-03-31 0159754 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 0159754 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 0159754 core:PlantMachinery 2022-03-31 0159754 core:FurnitureFittings 2022-03-31 0159754 core:MotorVehicles 2022-03-31 0159754 core:DeferredTaxation 2022-03-31 0159754 core:DeferredTaxation 2023-03-31 0159754 bus:SmallEntities 2022-04-01 2023-03-31 0159754 bus:Audited 2022-04-01 2023-03-31 0159754 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 0159754 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 0159754 bus:FullAccounts 2022-04-01 2023-03-31 0159754 core:OtherProvisionsContingentLiabilities 2022-03-31 0159754 core:OtherProvisionsContingentLiabilities 2022-04-01 2023-03-31 0159754 core:OtherProvisionsContingentLiabilities 2023-03-31
COMPANY REGISTRATION NUMBER: 0159754
The Pontefract Park Race Company Limited
Filleted financial statements
31 March 2023
The Pontefract Park Race Company Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
2,474,175
2,503,171
Fixed asset investments
7
73,613
73,813
------------
------------
2,547,788
2,576,984
Current assets
Debtors
8
419,175
381,764
Cash at bank and in hand
662,715
975,451
------------
------------
1,081,890
1,357,215
Creditors: amounts falling due within one year
9
508,481
608,605
------------
------------
Net current assets
573,409
748,610
------------
------------
Total assets less current liabilities
3,121,197
3,325,594
Creditors: amounts falling due after more than one year
10
29,099
80,215
Provisions
Taxation including deferred tax
11
119,855
118,045
Grants account
11
1,672,487
1,770,248
------------
------------
1,792,342
1,888,293
------------
------------
Net assets
1,299,756
1,357,086
------------
------------
Capital and reserves
Called up share capital
45,000
45,000
Profit and loss account
1,254,756
1,312,086
------------
------------
Shareholders funds
1,299,756
1,357,086
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Pontefract Park Race Company Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr W A Bethell
Chairman
The Pontefract Park Race Company Limited
Notes to the financial statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Administration Office, Pontefract Racecourse, Pontefract Park, Park Road, Pontefract, WF8 4QD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Media rights
Media rights fees are received under agreements with Racecourse Media Group Limited and Racecourse Retail Business Limited. These are accounted for on a receivable basis and are shown separately in the income statement. Any costs deducted are included as overhead expenses.
Levy board and other grants
Capital credit grants are received from the Horserace Betting Levy Board towards the financing of improvement schemes.
Grants received are taken to the grant account. Credits are then made to the profit and loss account over a period of time which matches the period over which the relevant fixed assets are depreciated or in the year of receipt if the grant is in relation to revenue expenditure.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings, earthworks and stables
-
4% reducing balance
Leasehold property
-
Over 60 years on cost
Tractors and attachments
-
15% reducing balance
Fixtures, fittings and equipment
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Other financial instruments are initially recognised at fair value and are subsequently measured at fair value, with any changes recognised in profit or loss. The company holds the following financial assets and liabilities: Non-puttable ordinary shares and capital investments in participating interests Cash Short-term trade and other debtors and creditors Investments in participating interests cannot reliably be measured at fair value and are recorded at transaction price. Cash in the balance sheet comprises cash at banks and in hand and short-term deposits with an original maturity date of three months or less. These balances are recorded at transaction price. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of income before operating profit. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
The company also employs casual staff to assist during race days. The number of casual staff during the year ranged between 43 and 52 (2022 - 29 and 55) depending on the race day. Casual staff are not included in the average number of persons employed as stated above.
5. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,250
2,250
--------
--------
6. Tangible assets
Buildings and stables
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
3,976,525
49,815
129,655
1,590,967
9,145
5,756,107
Additions
35,747
71,277
13,689
120,713
------------
--------
---------
------------
--------
------------
At 31 Mar 2023
4,012,272
49,815
129,655
1,662,244
22,834
5,876,820
------------
--------
---------
------------
--------
------------
Depreciation
At 1 Apr 2022
2,124,997
7,398
98,546
1,015,175
6,820
3,252,936
Charge for the year
75,491
832
4,667
64,714
4,005
149,709
------------
--------
---------
------------
--------
------------
At 31 Mar 2023
2,200,488
8,230
103,213
1,079,889
10,825
3,402,645
------------
--------
---------
------------
--------
------------
Carrying amount
At 31 Mar 2023
1,811,784
41,585
26,442
582,355
12,009
2,474,175
------------
--------
---------
------------
--------
------------
At 31 Mar 2022
1,851,528
42,417
31,109
575,792
2,325
2,503,171
------------
--------
---------
------------
--------
------------
Buildings and stables are erected on land held under lease from Wakefield Council and the Duchy of Lancaster, both with a term of sixty years expiring 24th December 2073.
7. Fixed asset investments
Shares in participating interests
Other investments
Total
£
£
£
Cost
At 1st April 2022
24,613
49,200
73,813
Disposals
( 200)
( 200)
--------
--------
--------
At 31st March 2023
24,613
49,000
73,613
--------
--------
--------
Impairment
At 1st April 2022 and 31st March 2023
--------
--------
--------
Carrying amount
At 31st March 2023
24,613
49,000
73,613
--------
--------
--------
At 31st March 2022
24,613
49,200
73,813
--------
--------
--------
The Company holds one 'A' ordinary share in Racecourse Media Group Limited at a cost of £100.
The Company holds two hundred and forty four 'B' ordinary shares in Racecourse Media Group Limited at a cost of £48,800.
The Company holds one ordinary share in Racecourse Retail Business Limited at a cost of £100.
The Company has a capital investment in Britbet Racing LLP amounting to £24,612 at 31st March 2022 (2021 - £48,757).
The Company has a capital investment in Independent Racecourses Consortium LLP amounting to £1 at 31st March 2022 (2021 - £1).
The Company previously held one ordinary share in Racecourse Media Services Limited at a cost of £100. On 28th July 2022, this Company's liquidator advised that a first and final capital distribution of £76.72 had been declared in respect of this shareholding.
The Company previously held one ordinary share in Racecourse Betting Company Limited at a cost of £100. On 28th July 2022, this Company's liquidator advised that a first and final capital distribution of £254.45 had been declared in respect of this shareholding.
Racecourse Retail Business and Racecourse Media Group handle the Company's media rights.
Britbet Racing LLP have an agreement with the Alizeti consortium to operate pool betting on member racecourses under the Tote name.
These investments cannot reliably be measured at fair value and are instead stated at cost.
8. Debtors
2023
2022
£
£
Trade debtors
123,593
99,838
Britbet LLP current account
2,437
2,358
Other debtors
293,145
279,568
---------
---------
419,175
381,764
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,190
2,165
Trade creditors
106,062
173,654
Corporation tax
44,680
Social security and other taxes
47,328
35,937
Weatherbys Bank Limited secured loans - Parade ring
51,656
50,543
Other creditors
300,245
301,626
---------
---------
508,481
608,605
---------
---------
The parade ring loan is repayable by equal monthly instalments over a period within five years from the balance sheet date with interest charged at 4% over base rate. The security for the Weatherbys Bank Limited secured loan is a company debenture. The company has unsecured overdraft and business card facilities of £50,000 and £5,000 respectively, due for review in March 2024.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Weatherbys Bank Limited secured loans - Parade ring
29,099
80,215
--------
--------
11. Provisions
Deferred tax
Grants account
Total
£
£
£
At 1st April 2022
118,032
1,770,248
1,888,280
Additions
1,823
1,823
Charge against provision
( 97,761)
( 97,761)
---------
------------
------------
At 31st March 2023
119,855
1,672,487
1,792,342
---------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
90,414
66,467
Later than 1 year and not later than 5 years
70,299
79,353
Later than 5 years
720,563
736,313
---------
---------
881,276
882,133
---------
---------
The company holds a lease from Wakefield Council for the occupation of the racecourse which expires 24th December 2073. Under the terms of the lease, the rent payable is calculated annually as a fixed percentage of specified elements of the company's income in the preceding year with a minimum charge of £3,000 for each race meeting, consequently rent commitments cannot be determined in advance and the above disclosure does not include any commitment to Wakefield Council beyond a year from the balance sheet date. The rent commitment for the year ended 31st March 2024 is £65,610 (2023 - £48,000). The company holds a lease from the Duchy of Lancaster for the occupation of the stables which expires 24th December 2073. The annual rent commitment is currently £15,750. The company also holds various lease agreements for equipment used as part of trading.
13. Other financial commitments
Following the expiry of Betfred's exclusive licence to run the Tote in July 2018, the Company joined with other racecourses to form Britbet Racing LLP ("Britbet") to run pool betting operations on member racecourses. Britbet installed new equipment at the racecourse in March 2018 which the Company was given the option of either purchasing or leasing. UK Tote Group Ltd (formerly the Alizeti Consortium) purchased the Tote from Betfred and granted Britbet the right to use the Tote Brand for their pool betting operations on its member racecourses. Although no formal operating agreement has been entered into between the Company and Britbet, Britbet are operating pool betting under the Tote brand on the racecourse to the Company's satisfaction. The Company is not now likely to purchase any of the equipment which Britbet has installed.
14. Contingencies
There is a contingent liability to the HBLB to repay a sum in respect of grants received under the annual grant agreement in the event that racing activities cease under certain circumstances .
15. Summary audit opinion
The auditor's report dated 29 November 2023 was unqualified .
The senior statutory auditor was Michael Flanagan , for and on behalf of Holmes Beaumont & Holroyd Limited .