IRIS Accounts Production v24.3.0.553 05314466 Board of Directors 1.10.22 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh053144662022-09-30053144662024-03-31053144662022-10-012024-03-31053144662021-09-30053144662021-10-012022-09-30053144662022-09-3005314466ns15:EnglandWales2022-10-012024-03-3105314466ns14:PoundSterling2022-10-012024-03-3105314466ns10:Director12022-10-012024-03-3105314466ns10:CompanyLimitedByGuarantee2022-10-012024-03-3105314466ns10:SmallEntities2022-10-012024-03-3105314466ns10:AuditExempt-NoAccountantsReport2022-10-012024-03-3105314466ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012024-03-3105314466ns10:SmallCompaniesRegimeForAccounts2022-10-012024-03-3105314466ns10:FullAccounts2022-10-012024-03-310531446612022-10-012024-03-3105314466ns10:Director52022-10-012024-03-3105314466ns10:CompanySecretary12022-10-012024-03-3105314466ns10:RegisteredOffice2022-10-012024-03-3105314466ns5:CurrentFinancialInstruments2024-03-3105314466ns5:CurrentFinancialInstruments2022-09-3005314466ns5:RetainedEarningsAccumulatedLosses2024-03-3105314466ns5:RetainedEarningsAccumulatedLosses2022-09-3005314466ns5:IntangibleAssetsOtherThanGoodwill2022-10-012024-03-3105314466ns5:ComputerSoftware2022-10-012024-03-3105314466ns5:PlantMachinery2022-10-012024-03-3105314466ns5:IntangibleAssetsOtherThanGoodwill2022-09-3005314466ns5:IntangibleAssetsOtherThanGoodwill2024-03-3105314466ns5:IntangibleAssetsOtherThanGoodwill2022-09-3005314466ns5:PlantMachinery2022-09-3005314466ns5:PlantMachinery2024-03-3105314466ns5:PlantMachinery2022-09-3005314466ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3105314466ns5:WithinOneYearns5:CurrentFinancialInstruments2022-09-30
REGISTERED NUMBER: 05314466 (England and Wales)










THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2022 TO 31 MARCH 2024






THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD. (REGISTERED NUMBER: 05314466)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD.

COMPANY INFORMATION
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024







DIRECTORS: S J Walmsley
M Punshon





SECRETARY: S J Walmsley





REGISTERED OFFICE: PO Box 42
105 Fleetwood Close
Tadworth
Surrey
KT20 5QL





REGISTERED NUMBER: 05314466 (England and Wales)





ACCOUNTANTS: Hakim Fry
Chartered Accountants
69-71 East Street
Epsom
Surrey
KT17 1BP

THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD. (REGISTERED NUMBER: 05314466)

BALANCE SHEET
31 MARCH 2024

31.3.24 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 362
Tangible assets 6 - 160
- 522

CURRENT ASSETS
Debtors 7 61,533 81,074
Cash at bank 61,145 207,572
122,678 288,646
CREDITORS
Amounts falling due within one year 8 4,677 73,866
NET CURRENT ASSETS 118,001 214,780
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,001

215,302

RESERVES
Income and expenditure account 118,001 215,302
118,001 215,302

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 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.

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 22 October 2024 and were signed on its behalf by:



S J Walmsley - Director


THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD. (REGISTERED NUMBER: 05314466)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024

1. STATUTORY INFORMATION

The Federation Of Racecourse Bookmakers Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
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 all of the following conditions are satisfied:

a) the amount of revenue can be measured reliably

b) it is probable that the company will receive the consideration due under the contract

c) the stage of completion of the contract at the end of the reporting period can be measured reliably: and

d) the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD. (REGISTERED NUMBER: 05314466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Distribution to bookmakers
Distributions to bookmakers arise from the contracts with Sports Information Services Limited, Amalgamated Racing Limited, The Racing Partnership and Racecourse Media Group Limited.

Amounts are accrued at the year end for distributions to bookmakers based on the directors' best estimates of distributions that will be paid for the period.

Distributions are paid based on available uncommitted financial resources in accordance with methods approved from time to time by the directors.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the year end of each reporting period for objective evidence of impairment, If objective evidence of impairment is found , an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets that are measured at cost less impairment, the impairment, loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the the net amount reported in the Statement of Financial Position when there is an 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 3 ) .

THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD. (REGISTERED NUMBER: 05314466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 October 2022
and 31 March 2024 15,027
AMORTISATION
At 1 October 2022 14,665
Charge for period 362
At 31 March 2024 15,027
NET BOOK VALUE
At 31 March 2024 -
At 30 September 2022 362

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022
and 31 March 2024 2,027
DEPRECIATION
At 1 October 2022 1,867
Charge for period 160
At 31 March 2024 2,027
NET BOOK VALUE
At 31 March 2024 -
At 30 September 2022 160

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 30.9.22
£    £   
Trade debtors - 81,074
Other debtors 61,533 -
61,533 81,074

THE FEDERATION OF RACECOURSE BOOKMAKERS
LTD. (REGISTERED NUMBER: 05314466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 30.9.22
£    £   
Trade creditors - 68,681
Taxation and social security 27 535
Other creditors 4,650 4,650
4,677 73,866

9. ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.

10. LIMITED BY GUARANTEE

The company is a private company limited by guarantee and consequently does not have share capital. Each of the member is liable to contribute an appropriate amount towards the assets of the company in the event of liquidation.