Company registration number 03449121 (England and Wales)
PLUMPTON RACECOURSE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
One Bell Lane
Lewes
East Sussex
BN7 1JU
PLUMPTON RACECOURSE LIMITED
CONTENTS
Page
Company information
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Balance sheet
9 - 10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
PLUMPTON RACECOURSE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P Savill
Mr A J C Pratt
Secretary
Mr A J C Pratt
Company number
03449121
Registered office
Plumpton Racecourse
Plumpton
East Sussex
BN7 3AL
Auditor
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
PLUMPTON RACECOURSE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activities of the company continued to be that of the administration and management of horseracing at Plumpton Racecourse.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Savill
Mr A J C Pratt
Auditor

TC Group were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr P Savill
Director
20 September 2024
PLUMPTON RACECOURSE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PLUMPTON RACECOURSE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLUMPTON RACECOURSE LIMITED
- 4 -
Opinion

We have audited the financial statements of Plumpton Racecourse Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

PLUMPTON RACECOURSE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLUMPTON RACECOURSE LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

PLUMPTON RACECOURSE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLUMPTON RACECOURSE LIMITED
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

 

PLUMPTON RACECOURSE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLUMPTON RACECOURSE LIMITED
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Martin FCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
24 September 2024
Office: Lewes
PLUMPTON RACECOURSE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
4,222,360
3,953,645
Cost of sales
(2,443,405)
(2,263,672)
Gross profit
1,778,955
1,689,973
Administrative expenses
(1,453,925)
(1,391,789)
Other operating income
26,969
30,192
Operating profit
351,999
328,376
Interest receivable and similar income
15,682
12,457
Interest payable and similar expenses
(46,477)
(45,968)
Profit before taxation
321,204
294,865
Tax on profit
4
(110,344)
379
Profit for the financial year
210,860
295,244
PLUMPTON RACECOURSE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
3,328
166
Tangible assets
6
1,248,463
1,380,403
Investments
7
383
16,211
1,252,174
1,396,780
Current assets
Stocks
6,730
6,349
Debtors
8
699,199
679,710
Cash at bank and in hand
528,499
293,977
1,234,428
980,036
Creditors: amounts falling due within one year
9
(1,102,052)
(1,178,863)
Net current assets/(liabilities)
132,376
(198,827)
Total assets less current liabilities
1,384,550
1,197,953
Provisions for liabilities
(66,394)
(66,465)
Government grants
10
(51,867)
(76,059)
Net assets
1,266,289
1,055,429
Capital and reserves
Called up share capital
11
1,000
1,000
Share premium account
99,000
99,000
Profit and loss reserves
1,166,289
955,429
Total equity
1,266,289
1,055,429
PLUMPTON RACECOURSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -

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

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr P Savill
Mr A J C Pratt
Director
Director
Company registration number 03449121 (England and Wales)
PLUMPTON RACECOURSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1,000
99,000
660,185
760,185
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
295,244
295,244
Balance at 31 December 2022
1,000
99,000
955,429
1,055,429
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
210,860
210,860
Balance at 31 December 2023
1,000
99,000
1,166,289
1,266,289
PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Plumpton Racecourse Limited is a private company limited by shares incorporated in England and Wales. The registered office is Plumpton Racecourse, Plumpton, East Sussex, BN7 3AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts received and receivable for goods and services supplied to customers during the year, net of VAT. Turnover is wholly derived from trading activities within the UK.

 

The company's share of the income arising from media rights agreements is taken to the profit and loss account as it accrues from each race day held throughout the year.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
20% straight line

The website development costs have been capitalised on the basis that the website will generate probable future economic benefits and the expenditure can be reliably measured.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the expected duration of the lease
Plant and equipment
10% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Fixed asset investments are initially measured at transaction price. Subsequently, at each reporting date, the investments are measured at fair value if a reliable measurement of fair value can be calculated. If this is not possible, the investments are measured at cost less impairment. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks include betting vouchers, wine and spirits at a minimal level and are valued at the lower of cost and estimated selling price less costs to complete and sell.

PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Grants are recognised using the accrual model and shown as deferred income in the balance sheet. Horserace Betting Levy Board (HBLB) grants are received on qualifying assets under the Board's Capital Improvement Grant Scheme. Depreciation is calculated so as to write off the gross book value of fixed assets, before crediting any related HBLB grants, on a straight line basis over the expected useful lives of the assets concerned.

 

The racecourse is allowed to accrue the grant payments given by the Board under the Capital Credit Scheme to repay the loans given on the approved capital projects under the scheme. The grants are credited to revenue upon the amounts being drawn down by the racecourse to repay the loans provided by the Board.

PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimation is required in determining the useful lives of such assets and their residual values so as to calculate reasonable rates of depreciation for such assets. The useful life of leasehold land and buildings has been determined to be the expected duration of the lease expiring in 2028 and these assets are being depreciated on this basis. During 31 December 2023, the date of this lease was in effect extended to 2043 and the accounting estimates were adjusted accordingly.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
83
77
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
110,415
31,595
PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Taxation
2023
2022
£
£
(Continued)
- 17 -
Deferred tax
Origination and reversal of timing differences
(71)
(31,974)
Total tax charge/(credit)
110,344
(379)
5
Intangible fixed assets
Other
£
Cost
At 1 January 2023
11,167
Additions
3,629
At 31 December 2023
14,796
Amortisation and impairment
At 1 January 2023
11,001
Amortisation charged for the year
467
At 31 December 2023
11,468
Carrying amount
At 31 December 2023
3,328
At 31 December 2022
166
PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,119,414
837,517
2,956,931
Additions
41,810
79,113
120,923
Disposals
-
0
(9,430)
(9,430)
At 31 December 2023
2,161,224
907,200
3,068,424
Depreciation and impairment
At 1 January 2023
1,250,685
325,843
1,576,528
Depreciation charged in the year
173,468
79,395
252,863
Eliminated in respect of disposals
-
0
(9,430)
(9,430)
At 31 December 2023
1,424,153
395,808
1,819,961
Carrying amount
At 31 December 2023
737,071
511,392
1,248,463
At 31 December 2022
868,729
511,674
1,380,403
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
383
16,211
PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
16,211
Disposals
(15,828)
At 31 December 2023
383
Carrying amount
At 31 December 2023
383
At 31 December 2022
16,211

Fixed asset investments represent the company's minority holding of 1 £100 A ordinary share in Racecourse Data Company Limited, a minority holding of 33 £1 D ordinary shares and 550 £0.00001 new recoupment shares in Attheraces Holdings Limited, a minority holding of 254 £1 B ordinary shares in The Racing Partnership Limited and £15,828 participating interest in Britbet LLP which have been repaid in the year.

8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
197,306
289,145
Amounts owed by group undertakings
104,503
54,503
Other debtors
397,390
336,062
699,199
679,710
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
156,372
185,808
Corporation tax
110,426
31,607
Other taxation and social security
86,468
56,386
Other creditors
748,786
905,062
1,102,052
1,178,863
PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Government grants
2023
2022
£
£
Horserace Betting Levy Board grant
51,867
76,059
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
140,000
140,000

On 13 March 2013 the company entered into a 15 year lease agreement to rent the racecourse from Inchailloch Limited for a period until 12 March 2028 at an initial rent of £100,000 per annum subject to annual review. Either party can terminate this lease having provided at least 12 months notice. In 2023 the company entered into a new 15 year lease, expiring in March 2043, with Inchailloch Limited.

PLUMPTON RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
13
Related party transactions

At the balance sheet date the company owed £438,200 (2022: £438,200) to P D Savill, a director of the company. Interest of £44,895 (2022: £44,895) was paid on this loan during the year.

 

At the balance sheet date, the company was owed £nil (2022 : £50,000) from Adrian Pratt, a director of the company. Interest due on the unsecured loan amount is 5% per annum and was repaid on 31 January 2024. £nil (2022 : £1,048 ) was receivable for this loan during the year. During the year the company paid fees of £21,840 (2022 : £23,118) to AP Equine, a business controlled by Adrian Pratt.

 

Inchailloch Limited

The company is a wholly owned subsidiary of Inchailloch Limited who own the freehold property known as the Plumpton Racecourse. At the balance sheet date the company was owed £104,503 (2022: £54,503) by Inchailloch Limited. The loan is interest free and unsecured. During the year Plumpton Racecourse Limited paid rent to Inchailloch Limited of £140,000 (2022: £140,000).

 

PDS Enterprises Limited

P D Savill is a director of both Plumpton Racecourse Limited and PDS Enterprises Limited. During the year, Plumpton Racecourse Limited paid consultancy fees to PDS Enterprises Limited of £122,461 (2022: £114,387). At the balance sheet date, the company was owed £33,721 (2022 : £30,615) by PDS Enterprises Limited.

14
Parent company

Inchailloch Limited, a company incorporated in Jersey, is the immediate parent. The PDS Settlement Trust is considered the ultimate controlling party, by virtue of its controlling interest in the equity capital of Inchailloch Limited. Inchailloch Limited is the owner of 100% of the issued share capital in Plumpton Racecourse Limited.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Mr P SavillMr Adrian PrattMr A J C Prattfalsefalse034491212023-01-012023-12-3103449121bus:Director12023-01-012023-12-3103449121bus:CompanySecretaryDirector12023-01-012023-12-3103449121bus:CompanySecretary12023-01-012023-12-3103449121bus:Director22023-01-012023-12-3103449121bus:RegisteredOffice2023-01-012023-12-31034491212023-12-31034491212022-01-012022-12-3103449121core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103449121core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31034491212022-12-3103449121core:IntangibleAssetsOtherThanGoodwill2023-12-3103449121core:IntangibleAssetsOtherThanGoodwill2022-12-3103449121core:LandBuildings2023-12-3103449121core:OtherPropertyPlantEquipment2023-12-3103449121core:LandBuildings2022-12-3103449121core:OtherPropertyPlantEquipment2022-12-3103449121core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103449121core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103449121core:CurrentFinancialInstruments2023-12-3103449121core:CurrentFinancialInstruments2022-12-3103449121core:ShareCapital2023-12-3103449121core:ShareCapital2022-12-3103449121core:SharePremium2023-12-3103449121core:SharePremium2022-12-3103449121core:RetainedEarningsAccumulatedLosses2023-12-3103449121core:RetainedEarningsAccumulatedLosses2022-12-3103449121core:ShareCapital2021-12-3103449121core:SharePremium2021-12-3103449121core:RetainedEarningsAccumulatedLosses2021-12-3103449121core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3103449121core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3103449121core:PlantMachinery2023-01-012023-12-3103449121core:MotorVehicles2023-01-012023-12-3103449121core:UKTax2023-01-012023-12-3103449121core:UKTax2022-01-012022-12-3103449121core:IntangibleAssetsOtherThanGoodwill2022-12-3103449121core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103449121core:LandBuildings2022-12-3103449121core:OtherPropertyPlantEquipment2022-12-31034491212022-12-3103449121core:LandBuildings2023-01-012023-12-3103449121core:OtherPropertyPlantEquipment2023-01-012023-12-3103449121core:WithinOneYear2023-12-3103449121core:WithinOneYear2022-12-3103449121bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103449121bus:FRS1022023-01-012023-12-3103449121bus:Audited2023-01-012023-12-3103449121bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP