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REGISTERED NUMBER: 00338187 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Norfolk Greyhound Racing Company Limited

Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Norfolk Greyhound Racing Company Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Simon Franklin
Justin Franklin
Pamela Franklin
Stephen Franklin





SECRETARY: Stephen Franklin





REGISTERED OFFICE: Yarmouth Stadium
Yarmouth Road
Caister on Sea
Great Yarmouth
NR30 5TE





REGISTERED NUMBER: 00338187 (England and Wales)





ACCOUNTANTS: JDC Chartered Accountants and Business Advisors
Dencora Court
2 Meridian Way
Norwich
Norfolk
NR7 0TA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Norfolk Greyhound Racing Company Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Greyhound Racing Company Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Norfolk Greyhound Racing Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Greyhound Racing Company Limited and state those matters that we have agreed to state to the Board of Directors of Norfolk Greyhound Racing Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Greyhound Racing Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Norfolk Greyhound Racing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norfolk Greyhound Racing Company Limited. You consider that Norfolk Greyhound Racing Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Norfolk Greyhound Racing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JDC Chartered Accountants and Business Advisors
Dencora Court
2 Meridian Way
Norwich
Norfolk
NR7 0TA


29 October 2024

Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,223,192 3,251,952

CURRENT ASSETS
Stocks 22,298 19,351
Debtors 5 457,722 332,061
Cash at bank and in hand 133,257 15,393
613,277 366,805
CREDITORS
Amounts falling due within one year 6 973,114 638,157
NET CURRENT LIABILITIES (359,837 ) (271,352 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,863,355

2,980,600

CREDITORS
Amounts falling due after more than one
year

7

(429,684

)

(608,484

)

PROVISIONS FOR LIABILITIES (205,478 ) (217,090 )
NET ASSETS 2,228,193 2,155,026

CAPITAL AND RESERVES
Called up share capital 24,000 24,000
Fair value reserve 9 396,903 396,903
Retained earnings 1,807,290 1,734,123
SHAREHOLDERS' FUNDS 2,228,193 2,155,026

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 profit or loss 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.

Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Balance Sheet - continued
31 January 2024


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 25 October 2024 and were signed on its behalf by:




Simon Franklin - Director



Justin Franklin - Director


Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

Norfolk Greyhound Racing Company Limited is a private company, limited by shares , 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. ACCOUNTING POLICIES

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

Turnover
Turnover is recognised by the company in respect of goods and services, supplied at the point of delivery or performance, exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost and 2% on cost
Plant and machinery etc - 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Improvements to fixed assets are net of contributions received from non-government bodies towards these costs.

Freehold land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Cash on short term deposit is classified as a current asset investment if it is not instantly accessible.

Grants
Government grants in respect of fixed assets are treated as deferred income and credited to the profit and loss account over the expected useful economic life of the relevant asset. Other grants considered to be contributions towards the cost of certain fixed assets are netted off against the cost of the asset.

Grants received as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised in income in the period in which it becomes receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 85 (2023 - 83 ) .

Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 3,693,556 1,998,224 5,691,780
Additions 45,072 49,576 94,648
Disposals - (9,950 ) (9,950 )
At 31 January 2024 3,738,628 2,037,850 5,776,478
DEPRECIATION
At 1 February 2023 813,310 1,626,518 2,439,828
Charge for year 54,520 66,008 120,528
Eliminated on disposal - (7,070 ) (7,070 )
At 31 January 2024 867,830 1,685,456 2,553,286
NET BOOK VALUE
At 31 January 2024 2,870,798 352,394 3,223,192
At 31 January 2023 2,880,246 371,706 3,251,952

Included in cost of land and buildings is freehold land of £ 1,124,352 (2023 - £ 1,124,352 ) which is not depreciated.

5. DEBTORS
31.1.24 31.1.23
£    £   
Amounts falling due within one year:
Trade debtors 216,684 151,847
Other debtors 238,732 166,357
455,416 318,204

Amounts falling due after more than one year:
Other debtors 2,306 13,857

Aggregate amounts 457,722 332,061

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 153,673 147,822
Hire purchase contracts 24,895 41,672
Trade creditors 343,219 99,294
Taxation and social security 110,126 92,514
Other creditors 341,201 256,855
973,114 638,157

Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 273,659 433,950
Hire purchase contracts 48,896 73,792
Other creditors 107,129 100,742
429,684 608,484

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Hire purchase contracts 73,791 115,464
Bank loans 427,332 567,436
501,123 682,900

The bank loans are secured by way of a charge over the freehold property and other assets of the company.

Liabilities in respect of hire purchase are secured over the assets to which they relate.

9. RESERVES
Fair
value
reserve
£   
At 1 February 2023
and 31 January 2024 396,903

10. CONTINGENT LIABILITIES

The company has received grant income for fixtures and fittings, track improvements and property repairs from the British Greyhound Racing Fund Limited during the past 5 years. The grant will fall repayable by the company principally if the stadium is disposed of or the assets ceased to be used in the trade within 5 years from 31 December in which the grant is received. The amount repayable will decrease by 20% increments each year to the five year expiry term. As at 31 January 2024 the contingent liability totalled £39,430 (2023 - £25,537).

Norfolk Greyhound Racing Company Limited (Registered number: 00338187)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
Justin Franklin
Balance outstanding at start of year 7,294 24,528
Amounts advanced 71,421 -
Amounts repaid (66,855 ) (17,234 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,860 7,294

Simon Franklin
Balance outstanding at start of year 3,047 45,516
Amounts advanced 81,324 -
Amounts repaid (74,304 ) (42,469 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,067 3,047

Stephen Franklin
Balance outstanding at start of year - 2,125
Amounts repaid - (2,125 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

During the year, S Franklin and J Franklin were charged interest on their overdrawn directors' loan balances at a rate of 2% from 1 February 2023 to 5 April 2023 and 2.25% from 6 April 2023 to 31 January 2024, amounting to £nil (2023: £72) and £110 (2023: £78) respectively. These loans are repayable on demand.