Year Ended
Registration number:
The Bibury Club Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Tangible assets |
|
|
|
Other financial assets |
545,691 |
40,501 |
|
|
|
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Current assets |
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Stocks |
|
|
|
Debtors |
|
|
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Other financial assets |
383,622 |
357,778 |
|
Cash at bank and in hand |
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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 02571569
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Activity levels in the 2024 racing season are anticipated to be broadly consistent with 2023, which will bring inevitable implications for the financial performance of the business. Against this background, the board has approved a comprehensive budget and cash flow forecast compiled by the executive team, which predicts that, whilst the company will sustain at a small loss in 2024 and into the first quarter of 2025, there will be sufficient financial resources available to cover the deficit. Performance compared with this budget will be monitored regularly.
The directors have therefore taken all possible steps to ensure that the company will continue to have access to sufficient financial resources to enable it to meet its liabilities as they fall due for the foreseeable future, being not less than one year from the date on which these financial statements were signed.
The financial statements have therefore been drawn up on the going concern basis, which assumes that this will be the case.
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Judgements
Investments are classified as fixed assets if, at the point of acquisition, the directors intend to hold the assets for a period in excess of one year. Other investments are classified as current. |
Key sources of estimation uncertainty
Valuation of investments - current asset investments that are listed on a recognised stock exchange are valued at open market value, which is provided by investment portfolio managers. The directors consider this to be equal to the fair value of the investment. The carrying amount is £383,622 (2022 -£357,778).
Revenue recognition
Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised when goods, services and facilities have been delivered to the customer on the date of the event. Annual subscriptions and licence fee income is accrued for over the period to which it relates.
Other grants
Fixture fee income
The racecourse has entitlement to fixture fee income from the Horserace Betting Levy Board (HBLB) for each race meeting held. The option to receive this income is at the discretion of the directors. lf it is decided that the fixture fee will be taken it is recognised as income at the date of the race day to which it relates.
Fixture fees that are waived are not recognised as income and are transferred by the HBLB to their own internal account known as a capital credits account. The company does not have legal title to the balance on the capital credits account and therefore the balance is not shown on the balance sheet.
Capital credits
The company can apply to the HBLB for a capital grant up to the limit on its capital credits account.
Capital credits received from the HBLB to finance capital expenditure are treated as deferred income and released to the profit and loss account over the useful economic life of the related asset.
Capital credits used to finance revenue expenditure, such as redecoration, are netted off against such expenditure in the profit and loss account. The capital credit is recognised once the grant has been awarded to the company. lf this grant has not been received in full by the year end then the balance to be received is included in accrued income.
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tax
Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold and leasehold land and buildings |
4% per annum straight line on freehold buildings, and remaining term of leasehold property |
Plant and machinery |
20% per annum straight line |
Motor vehicles |
25% per annum reducing balance |
Properties under construction |
No depreciation is charged until the asset is available for use |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises purchase price. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Leases
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Fixed and current asset investments.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for current asset investments, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
For current asset investments listed on a recognised stock exchange these are initially recognised at cost and are subsequently carried at fair value, which is equal to the market value.
For fixed asset investments these are carried at historic cost less impairment as no reliable estimate of open market value is available.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Rental income |
|
|
Fair value movement on investments and other income |
|
( |
Insurance income |
61,374 |
383,312 |
|
|
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
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UK corporation tax |
- |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax (receipt)/expense in the income statement |
( |
|
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £137,736 (2022 - £140,940) in respect of freehold land and buildings and £2,021,098 (2022 - £2,111,585) in respect of short leasehold land and buildings.
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost |
||
At 1 January 2023 |
112,710 |
112,710 |
Additions |
505,190 |
505,190 |
At 31 December 2023 |
617,900 |
617,900 |
Impairment |
||
At 1 January 2023 |
72,209 |
72,209 |
At 31 December 2023 |
72,209 |
72,209 |
Carrying amount |
||
At 31 December 2023 |
|
545,691 |
At 31 December 2022 |
|
40,501 |
Financial assets at fair value through profit and loss |
Total |
|
Current financial assets |
||
Carrying amount |
||
At 31 December 2023 |
|
383,622 |
Included in other operating income is a fair value increase of £25,844 (decrease 2022 £49,265).
The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Stocks |
2023 |
2022 |
|
Other inventories |
|
12,197 |
Debtors |
2023 |
2022 |
|
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
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Loans and borrowings |
|
|
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Trade creditors |
|
|
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Corporation tax |
- |
51,063 |
|
Taxation and social security |
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Other creditors |
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Accruals and deferred income |
|
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The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
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Loans and borrowings |
|
|
|
Deferred income |
|
|
|
1,311,220 |
1,395,244 |
2023 |
|
Deferred income - HBLB and Government grants |
£ |
At 1 January 2023 |
1,387,009 |
New grants received in the year |
31,596 |
Released to profit in the year |
(108,037) |
At 31 December 2023 |
1,310,568 |
Loans and borrowings |
2023 |
2022 |
|
Loans and borrowings due after one year |
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HP and finance lease liabilities |
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|
2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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The Bibury Club Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The company has an annual commitment of £31,500 (2022 - £28,000) per annum under a non-cancellable operating lease which expires 1 January 2038.
The company has an annual commitment of £4,400 (2022 - £4,400) per annum under a non-cancellable operating lease which expires 23 April 2024.
The company has an annual commitment of £13,140 (2022 - £13,140) per annum under a non-cancellable operating lease which expires 15 April 2024.
Audit report |
Deferred tax and other provisions |
Deferred tax |
Total |
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At 1 January 2023 |
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|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2023 |
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Included in the deferred tax figure above is £81,596 (2022: £75,134) of fair value movement on financial instruments and £nil (2022: £26,450) on timing differences between depreciation and capital allowances.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
245,564 |
|
245,564 |