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REGISTERED NUMBER: SC744882 (Scotland)















Unaudited Financial Statements

for the Period 20 September 2022 to 30 September 2023

for

Perth Racecourse Limited

Perth Racecourse Limited (Registered number: SC744882)






Contents of the Financial Statements
for the Period 20 September 2022 to 30 September 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Perth Racecourse Limited (Registered number: SC744882)

Balance Sheet
30 September 2023

Notes £    £   
FIXED ASSETS
Intangible assets 5 738,664
Tangible assets 6 503,863
Investments 7 15,101
1,257,628

CURRENT ASSETS
Debtors 8 632,802
Cash at bank 502,152
1,134,954
CREDITORS
Amounts falling due within one year 9 1,945,097
NET CURRENT LIABILITIES (810,143 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

447,485

CREDITORS
Amounts falling due after more than one year 10 (47,424 )

PROVISIONS FOR LIABILITIES (125,966 )
NET ASSETS 274,095

CAPITAL AND RESERVES
Called up share capital 2
Retained earnings 274,093
SHAREHOLDERS' FUNDS 274,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2023 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.

Perth Racecourse Limited (Registered number: SC744882)

Balance Sheet - continued
30 September 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





Mr B T Stevenson - Director


Perth Racecourse Limited (Registered number: SC744882)

Notes to the Financial Statements
for the Period 20 September 2022 to 30 September 2023

1. STATUTORY INFORMATION

Perth Racecourse Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC744882

Registered office: Estate Office
Scone Palace
Scone
Perth
PH2 6BD

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

Media income is recognised as turnover in the period in which the races took place, once the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Perth Racecourse Limited (Registered number: SC744882)

Notes to the Financial Statements - continued
for the Period 20 September 2022 to 30 September 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost

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.

Impairment
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 balance sheet 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, which include debtors and bank balances, 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.

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, including creditors, bank loans, loans from fellow group companies, and preference shares that are classified as debt, 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.


Perth Racecourse Limited (Registered number: SC744882)

Notes to the Financial Statements - continued
for the Period 20 September 2022 to 30 September 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 period 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rents paid under operating leases are charged to the profit and loss 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 leased assets are consumed.

Going concern
The company shows a net current liability position, due to the loan that is repayable on demand. If this loan was called in, the company would not be in a position to repay it in full. The loan has been made by an entity that is controlled by two of the directors, and was made for the purposes of the company buying the assets of Perth Hunt. The directors are committed to continue their support via this loan. It is not envisaged that this loan will be required to be repaid within the next twelve months from the date of approval of the accounts and therefore it is appropriate for the company to prepare the accounts under the going concern basis.

Pension and retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 17 .

Perth Racecourse Limited (Registered number: SC744882)

Notes to the Financial Statements - continued
for the Period 20 September 2022 to 30 September 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
Additions 770,780
At 30 September 2023 770,780
Amortisation
Charge for period 32,116
At 30 September 2023 32,116
Net book value
At 30 September 2023 738,664

On 26th April 2023, the company took over the net liabilities of Perth Hunt for nil consideration. The balance above reflects the goodwill created in that transaction.

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
Additions 270,153 254,450 4,027 528,630
At 30 September 2023 270,153 254,450 4,027 528,630
Depreciation
Charge for period 12,805 11,318 644 24,767
At 30 September 2023 12,805 11,318 644 24,767
Net book value
At 30 September 2023 257,348 243,132 3,383 503,863

Perth Racecourse Limited (Registered number: SC744882)

Notes to the Financial Statements - continued
for the Period 20 September 2022 to 30 September 2023

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
Cost
Additions 69,007
At 30 September 2023 69,007
Depreciation
Charge for period 3,138
At 30 September 2023 3,138
Net book value
At 30 September 2023 65,869

7. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
Cost
Additions 15,101
At 30 September 2023 15,101
Net book value
At 30 September 2023 15,101

Perth Racecourse Limited owns 20% of the issued share capital in Scottish Racing Limited, a company that promotes horse racing in Scotland. Perth Racecourse Limited cannot exercise significant influence over the company and therefore the investment is not treated as an associated company.The cost of the 20% shareholding is included in the above, together with other investments held.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 102,592
VAT 28,515
Accrued income 467,297
Prepayments 34,398
632,802

Perth Racecourse Limited (Registered number: SC744882)

Notes to the Financial Statements - continued
for the Period 20 September 2022 to 30 September 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other loans 1,000,000
Hire purchase contracts (see note 11) 14,678
Trade creditors 403,167
Tax 34,054
Social security and other taxes 17,515
Accrued expenses 445,732
Deferred income 29,951
1,945,097

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
£   
Hire purchase contracts (see note 11) 47,424

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire
purchase
contracts
£   
Net obligations repayable:
Within one year 14,678
Between one and five years 47,424
62,102

Non-cancellable operating leases
£   
Within one year 45,000
Between one and five years 71,250
116,250

12. SECURED DEBTS

The following secured debts are included within creditors:

£   
Hire purchase contracts 62,102

The finance lease is secured against the asset to which it relates.