Company Registration No. 07087188 (England and Wales)
Burghley Horse Trials Limited
Annual report and financial statements
for the year ended 31 January 2024
Burghley Horse Trials Limited
Company information
Directors
The Honourable Angela Reid
William Oswald
Clare Cecil
Timothy Bonham
David Pennell
Secretary
Joshua Fitch
Company number
07087188
Registered office
Burghley Estate Office
61 St Martins
Stamford
Lincolnshire
PE9 2LQ
Auditors
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Burghley Horse Trials Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 14
Burghley Horse Trials Limited
Directors' report
For the year ended 31 January 2024
1

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities
The principal activity of the company is the management of a four-star rated equestrian event.
Directors

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

The Honourable Angela Reid
William Oswald
Clare Cecil
Timothy Bonham
David Pennell
Auditor

Saffery LLP have expressed their willingness to continue in office.

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.

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

By order of the board
Joshua Fitch
Secretary
4 July 2024
Burghley Horse Trials Limited
Directors' responsibilities statement
For the year ended 31 January 2024
2

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.

Burghley Horse Trials Limited
Independent auditor's report
To the members of Burghley Horse Trials Limited
3
Opinion

We have audited the financial statements of Burghley Horse Trials Limited (the 'company') for the year ended 31 January 2024 which comprise the income statement, the statement of financial position, 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.

Burghley Horse Trials Limited
Independent auditor's report (continued)
To the members of Burghley Horse Trials Limited
4

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.

Burghley Horse Trials Limited
Independent auditor's report (continued)
To the members of Burghley Horse Trials Limited
5

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Burghley Horse Trials Limited
Independent auditor's report (continued)
To the members of Burghley Horse Trials Limited
6

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.

Cara Turtington
Senior Statutory Auditor
For and on behalf of Saffery LLP
7 October 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Burghley Horse Trials Limited
Income statement
For the year ended 31 January 2024
7
2024
2023
Notes
£
£
Turnover
2
5,350,245
4,871,943
Cost of sales
(3,806,932)
(3,225,568)
Gross profit
1,543,313
1,646,375
Administrative expenses
(1,520,813)
(1,178,297)
Operating profit
22,500
468,078
Interest payable and similar expenses
4
-
(20,521)
Profit before taxation
22,500
447,557
Taxation
5
-
0
-
0
Total profit and comprehensive income for the year
22,500
447,557
Burghley Horse Trials Limited
Statement of financial position
As at 31 January 2024
8
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
97,384
32,781
Current assets
Debtors
8
96,426
28,563
Cash at bank and in hand
32,241
428,905
128,667
457,468
Creditors: amounts falling due within one year
9
(452,189)
(738,887)
Net current liabilities
(323,522)
(281,419)
Net liabilities
(226,138)
(248,638)
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
(226,139)
(248,639)
Total equity
(226,138)
(248,638)

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 4 July 2024 and are signed on its behalf by:
William  Oswald
Director
Company Registration No. 07087188
Burghley Horse Trials Limited
Statement of changes in equity
For the year ended 31 January 2024
9
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
1
(696,196)
(696,195)
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
447,557
447,557
Balance at 31 January 2023
1
(248,639)
(248,638)
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
22,500
22,500
Balance at 31 January 2024
1
(226,139)
(226,138)
Burghley Horse Trials Limited
Notes to the financial statements
For the year ended 31 January 2024
10
1
Accounting policies
Company information

Burghley Horse Trials Limited is a private company limited by shares incorporated in England and Wales. The registered office is Burghley Estate Office, 61 St Martins, Stamford, Lincolnshire, PE9 2LQ.

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.

Burghley Horse Trials Limited is a wholly owned subsidiary of Burghley House Preservation Trust Limited and the results of Burghley Horse Trials Limited are included in the consolidated financial statements of Burghley House Preservation Trust Limited which are available from Burghley Estate Office, 61 St. Martins, Stamford, Lincs, PE9 2LQ.

1.2
Going concern

In 2022 the company was not able to run events due to coronavirus restrictions and as such, Burghley House Preservation Trust extended a loan to cover any cost incurred during that time. At the time of approving the financial statements, this loan balance has been fully repaid (2023: £588,833). Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

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:

Plant and machinery
18-20% reducing balance
Fixtures, fittings & equipment
18-20% straight line
Park equipment
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
Cash at bank and in hand

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.

Burghley Horse Trials Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
11
1.6
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

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, and loans from fellow group companies 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.

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.

Burghley Horse Trials Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
12
1.7
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions payable are charged to the profit and loss account.
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Running of four-star rated equestrian event
5,350,245
4,871,943

 

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
8
6
4
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
-
0
20,521
Burghley Horse Trials Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
13
5
Taxation and payment under gift aid

The company is liable to taxation on its taxable profits. However, no tax provision is included in these accounts as the profits are paid by Gift Aid to the ultimate parent company reducing the taxable profit to £nil for the year.

6
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,538
26,466

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

7
Tangible fixed assets
Park equipment
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 February 2023
-
0
150,997
40,581
191,578
Additions
88,130
-
0
-
0
88,130
At 31 January 2024
88,130
150,997
40,581
279,708
Depreciation and impairment
At 1 February 2023
-
0
118,216
40,581
158,797
Depreciation charged in the year
17,626
5,901
-
0
23,527
At 31 January 2024
17,626
124,117
40,581
182,324
Carrying amount
At 31 January 2024
70,504
26,880
-
0
97,384
At 31 January 2023
-
0
32,781
-
0
32,781
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,763
6,431
Other debtors
69,663
22,132
96,426
28,563
Burghley Horse Trials Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
14
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
68,380
89,476
Amounts owed to group undertakings
275,000
588,833
Other creditors
108,809
60,578
452,189
738,887
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1

The shares as ordinary shares confer the right to vote and to participate in dividends and other distributions.

11
Related party transactions

In accordance with FRS 102, the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

During the year, Burghley Horse Trials Limited distributed profits of £243,410 (2023: £42,022) to the Trustees of the 6th Marquess of Exeter Will Trust.

 

12
Parent company

The ultimate parent undertaking at 31 January 2024 was Burghley House Preservation Trust Limited, a Company and Registered Charity in England and Wales, Number 00258489.

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