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REGISTERED NUMBER: 00508758 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Ludlow Race Club Limited(The)

Ludlow Race Club Limited(The) (Registered number: 00508758)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ludlow Race Club Limited(The)

Company Information
for the year ended 31 December 2023







Directors: Viscount Boyne
Mrs D Marsh
W D C Minton Esq
V Taylor
Mrs D Williams
J Williams FRICS
G Rowles Esq
Mrs M Hunter
D Windsor-Clive
R P L Burton
E Bailey


Secretary: S Sherwood


Registered office: Ludlow Racecourse
Bromfield
Ludlow
Shropshire
SY8 2BT


Registered number: 00508758 (England and Wales)


Accountants: Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF


Bankers: Lloyds Bank
Abergavenny


Solicitors: TA Matthews and Company
1st Floor
Broadway House
32-35 Broad Street
Hereford
HR4 9AR

Ludlow Race Club Limited(The) (Registered number: 00508758)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,764,988 1,825,572
Investments 5 26,900 26,900
1,791,888 1,852,472

CURRENT ASSETS
Debtors 6 1,091,562 1,036,083
Cash at bank and in hand 568,276 359,543
1,659,838 1,395,626
CREDITORS
Amounts falling due within one year 7 (610,826 ) (304,751 )
NET CURRENT ASSETS 1,049,012 1,090,875
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,840,900

2,943,347

CREDITORS
Amounts falling due after more than one
year

8

-

(32,758

)

ACCRUALS AND DEFERRED INCOME (244,560 ) (466,770 )
NET ASSETS 2,596,340 2,443,819

RESERVES
Other reserves 2,708,492 2,450,246
Income and expenditure account (112,152 ) (6,427 )
2,596,340 2,443,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ludlow Race Club Limited(The) (Registered number: 00508758)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Viscount Boyne - Director


Ludlow Race Club Limited(The) (Registered number: 00508758)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Ludlow Race Club Limited(The) is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover consists of Club Membership, Raceday, Plate entries income and income from Non-Raceday use of facilities, stated net of value added tax.

Tangible fixed assets
Depreciation is provided to write off the cost less any residual value over the estimated useful lives of the assets at the following rates and methods.

Freehold landNil
Leasehold land and buildingsStraight line over the lease term
Crossing mats3 year straight line
Running rails10 year straight line
Plant and machinery25% reducing balance
Fixtures and fittings20% reducing balance


The directors are of the opinion that the residual value of the freehold property is not less than cost and that, therefore, the depreciation charge per annum is nil.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Operating leases
Leasing charges in respect of operating leases are recognised in the profit and loss account over the lives of the lease agreements using the straight line method. Rental income due from operating leases is included in the profit and loss account on a straight line basis over the period of the lease.

Pensions
There is a pension stakeholder scheme in place with Scottish Widows. The company makes contributions to this for some of its permanent staff. Contributions payable in the year are charged to the profit and loss account.

Capital grants
Capital grants are received from the Horserace Betting Levy Board (HBLB) and others in respect of capital expenditure.Capital grants received are taken to the grant account. Credits are made to the profit and loss account by equal annual installments over a period which on average matches the period over which the relevant fixed assets are depreciated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 111 (2022 - 115 ) .

Ludlow Race Club Limited(The) (Registered number: 00508758)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long Plant and and
property leasehold machinery fittings Totals
£    £    £    £    £   
Cost
At 1 January 2023 15,000 3,423,062 464,447 527,885 4,430,394
Additions - 22,502 24,346 307 47,155
At 31 December 2023 15,000 3,445,564 488,793 528,192 4,477,549
Depreciation
At 1 January 2023 - 1,866,970 309,487 428,365 2,604,822
Charge for year - 46,111 41,667 19,961 107,739
At 31 December 2023 - 1,913,081 351,154 448,326 2,712,561
Net book value
At 31 December 2023 15,000 1,532,483 137,639 79,866 1,764,988
At 31 December 2022 15,000 1,556,092 154,960 99,520 1,825,572

5. FIXED ASSET INVESTMENTS

31/12/23 31/12/22
£    £   
Racecourse Media Group Limited
1 Ordinary ''A'' Share 100 100
Racecourse Media Group Limited
133 Ordinary ''B'' Shares 26,600 26,600
Racecourse Betting Company Limited
1 Ordinary ''A'' Share 100 100
Racing UK Limited
1 Ordinary ''A'' Share 100 100
26,900 26,900

All investments are stated at cost

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,003,077 945,950
Fuel account 150 150
VAT - 11,589
Prepayments and accrued income 47,437 36,788
Accrued income 40,898 41,606
1,091,562 1,036,083

Ludlow Race Club Limited(The) (Registered number: 00508758)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 32,758 21,738
Payments on account 87,358 106,951
Trade creditors 237,063 128,324
Social security and other taxes 12,890 16,156
VAT 26,860 -
Accruals and deferred income 213,897 31,582
610,826 304,751

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - 32,758

9. SECURITY

From 27 August 2010 the Horserace Betting Levy Board has held a debenture over the leasehold property of the company.

10. COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the club had annual commitments under non-cancellable operating leases as set out below.

31/12/2331/12/22

Land and
buildings
Land and
buildings
£   £   
Operating leases which are payable:
Within 1 year15,00015,000
Within 2 to 5 years-15,000
After more than 5 years--
15,00030,000

11. GUARANTEE

The company is limited by guarantee and does not have a share capital. In the event of a winding up, each member undertakes to contribute a sum not exceeding one pound. At 31 December 2023 there were 453 members (2022: 477).