REGISTERED NUMBER: |
THE FEDERATION OF RACECOURSE BOOKMAKERS |
LTD. |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2022 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery etc | - |
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 |
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 |
AMORTISATION |
At 1 October 2022 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2022 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2022 |
and 31 March 2024 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Taxation and social security |
Other creditors |
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. |