BrightAccountsProduction v1.0.0 v1.0.0 2023-05-01 The company was not dormant during the period The company was trading for the entire period The company continued during the year in the business of operating a racetrack at Down Royal, Lisburn, Co. Antrim. 18 November 2024 0 0 NI653169 2024-04-30 NI653169 2023-04-30 NI653169 2022-04-30 NI653169 2023-05-01 2024-04-30 NI653169 2022-05-01 2023-04-30 NI653169 uk-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI653169 uk-curr:PoundSterling 2023-05-01 2024-04-30 NI653169 uk-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI653169 uk-bus:FullAccounts 2023-05-01 2024-04-30 NI653169 uk-core:ShareCapital 2024-04-30 NI653169 uk-core:ShareCapital 2023-04-30 NI653169 uk-core:RetainedEarningsAccumulatedLosses 2024-04-30 NI653169 uk-core:RetainedEarningsAccumulatedLosses 2023-04-30 NI653169 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-04-30 NI653169 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-04-30 NI653169 uk-bus:FRS102 2023-05-01 2024-04-30 NI653169 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-05-01 2024-04-30 NI653169 uk-core:Goodwill 2023-05-01 2024-04-30 NI653169 uk-core:Buildings 2023-05-01 2024-04-30 NI653169 uk-core:PlantMachinery 2023-05-01 2024-04-30 NI653169 uk-core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI653169 uk-core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 NI653169 uk-bus:Audited 2023-05-01 2024-04-30 NI653169 uk-core:IntangibleAssetsOtherThanGoodwill 2023-04-30 NI653169 uk-core:CustomerRelationships 2023-04-30 NI653169 uk-core:Goodwill 2023-04-30 NI653169 uk-core:IntangibleAssetsOtherThanGoodwill 2024-04-30 NI653169 uk-core:CustomerRelationships 2024-04-30 NI653169 uk-core:Goodwill 2024-04-30 NI653169 uk-core:CurrentFinancialInstruments 2024-04-30 NI653169 uk-core:CurrentFinancialInstruments 2023-04-30 NI653169 uk-core:WithinOneYear 2024-04-30 NI653169 uk-core:WithinOneYear 2023-04-30 NI653169 uk-core:ParentEntities 2023-05-01 2024-04-30 NI653169 2023-05-01 2024-04-30 NI653169 uk-bus:Director1 2023-05-01 2024-04-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Down Royal Park Racecourse Limited
 
Financial Statements
 
for the financial year ended 30 April 2024
Down Royal Park Racecourse Limited
Company Registration Number: NI653169
BALANCE SHEET
as at 30 April 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 7 911,741 508,936
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Current Assets
Debtors 8 204,518 240,325
Cash and cash equivalents 314,567 232,325
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519,085 472,650
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Creditors: amounts falling due within one year 9 (1,610,171) (1,519,736)
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Net Current Liabilities (1,091,086) (1,047,086)
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Total Assets less Current Liabilities (179,345) (538,150)
 
Government grants 10 (255,520) (34,916)
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Net Liabilities (434,865) (573,066)
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Capital and Reserves
Called up share capital 1 1
Retained earnings (434,866) (573,067)
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Equity attributable to owners of the company (434,865) (573,066)
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 14 November 2024 and signed on its behalf by
           
           
Robert Conan          
Director          
           



Down Royal Park Racecourse Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 April 2024

   
1. General Information
 
Down Royal Park Racecourse Limited is a private company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI653169. The registered office of the company is Down Royal Racecourse, Gravelhill Road, Maze, Lisburn, BT27 5RW. The company continued during the year in the business of operating a racetrack at Down Royal, Lisburn, Co. Antrim. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods and service supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Other Intangible Assets
Other Intangible Assets are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 5 years.
 
Intellectual Property
Intellectual Property is valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 5 years.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Leasehold Improvements - Over period of lease
  Racecourse Machinery and Equipment - 20% Straight line
  Fixtures, fittings and equipment - 20% / 33% Straight line
  Racetrack Improvements - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future.Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
The company earned a profit for the year of £138,201 and, at the 30th April 2024, the company's total liabilities exceed its total assets by £434,865.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. This assumption is based principally on an assurance from the parent company, Merrion Property Group Limited, that they will not, in the foreseeable future, seek repayment of inter-company indebtedness which at the year end amounted to £940,913 and that it is their intention to continue to support the company.

Based on the above, the directors believe that it is appropriate that the financial statements be prepared on the going concern basis.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by BFCD.
The Auditor's Report was signed by Dara Ó Gaora (Senior Statutory Auditor) for and on behalf of BFCD on 18th November 2024.
 
       
5. Employees
 
The average monthly number of employees, including directors, during the financial year was 17, (2023 - 16).
           
6. Intangible assets
  Other Intangible Intellectual    
  Assets Property Goodwill Total
  £ £ £ £
Cost
At 1 May 2023 100,000 100,000 22,640 222,640
  ───────── ───────── ───────── ─────────
 
At 30 April 2024 100,000 100,000 22,640 222,640
  ───────── ───────── ───────── ─────────
Amortisation
 
At 30 April 2024 100,000 100,000 22,640 222,640
  ───────── ───────── ───────── ─────────
Net book value
At 30 April 2024 - - - -
  ═════════ ═════════ ═════════ ═════════
             
7. Tangible assets
    Racecourse Fixtures, Racetrack Total
  Leasehold Machinery and fittings and Improvements  
  Improvements Equipment equipment    
  £ £ £ £ £
Cost
At 1 May 2023 179,458 390,938 166,900 336,288 1,073,584
Additions - 70,493 6,828 461,359 538,680
  ───────── ───────── ───────── ───────── ─────────
At 30 April 2024 179,458 461,431 173,728 797,647 1,612,264
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 May 2023 70,564 313,997 159,135 20,952 564,648
Charge for the financial year 17,945 68,073 8,109 41,748 135,875
  ───────── ───────── ───────── ───────── ─────────
At 30 April 2024 88,509 382,070 167,244 62,700 700,523
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 April 2024 90,949 79,361 6,484 734,947 911,741
  ═════════ ═════════ ═════════ ═════════ ═════════
At 30 April 2023 108,894 76,941 7,765 315,336 508,936
  ═════════ ═════════ ═════════ ═════════ ═════════
       
8. Debtors 2024 2023
  £ £
 
Trade debtors 87,079 152,315
Other debtors 8,795 12,895
Prepayments and accrued income 108,644 75,115
  ───────── ─────────
  204,518 240,325
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 218,225 82,047
Amounts owed to group undertakings 940,913 876,004
Taxation and social security costs 22,658 80,287
Other creditors 383,486 454,517
Accruals:
Pension accrual - 528
Other accruals 44,889 26,353
  ───────── ─────────
  1,610,171 1,519,736
  ═════════ ═════════
       
10. Government Grants Deferred 2024 2023
  £ £
 
At 1 May 2023 34,916 43,583
Increase in financial year 241,338 -
  ───────── ─────────
 
At 30 April 2024 276,254 43,583
  ───────── ─────────
Amortisation
Amortised in financial year (20,734) (8,667)
  ───────── ─────────
Net book value
At 30 April 2024 255,520 34,916
  ═════════ ═════════
     
11. STATE FUNDING
 
Horse Racing Ireland  
 
Racecourse Development Scheme  
 
Upgrade of Grandstand and other accommodation In the year under review an amount of £241,338 (2023: £Nil)  was treated as a capital grant as set out in Note 9 to the Financial Statements. £20,734 (2023: £8,667) was amortised to the Profit and Loss Account.
 
Term The Company undertakes that should it cease to carry on horse racing at its racecourse at Down Royal it will make full repayment of amounts paid by Horse Racing Ireland for 10 years after the payment dates.
       
12. Capital commitments
 
The company had no material capital commitments at the 30 April 2024 (2023: £Nil).
           
13. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
14. Parent company
 
The company regards Merrion Property Group Limited, a company registered in the Republic of Ireland, as its parent company.
 
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.