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Registered number: 00193627 THE FONTWELL PARK STEEPLECHASE LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
THE FONTWELL PARK STEEPLECHASE LIMITED REGISTERED NUMBER: 00193627 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 7,515,573 |  | 7,876,265
|  |  | 7,515,573 |  | 7,876,265
Current assets |  |  |  |  |
Stocks | 5 | 51,455 |  | 46,318 |
Debtors: amounts falling due within one year | 6 | 14,944,320 |  | 12,817,843 |
Cash at bank and in hand |  | 199,920 |  | 164,064 |
|  | 15,195,695 |  | 13,028,225 |
Creditors: amounts falling due within one year | 7 | (22,412,557) |  | (20,072,380) |
Net current liabilities |  |  | (7,216,862) |  | (7,044,155)
Total assets less current liabilities |  |  | 298,711 |  | 832,110
Net assets |  |  | 298,711 |  | 832,110
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 56,000 |  | 56,000
Capital redemption reserve |  |  | 7,427 |  | 7,427
Profit and loss account |  |  | 235,284 |  | 768,683
|  |  | 298,711 |  | 832,110
Page 1
THE FONTWELL PARK STEEPLECHASE LIMITED REGISTERED NUMBER: 00193627 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Spincer
Director
Date: 24 July 2025
The notes on pages 4 to 15 form part of these financial statements. Page 2
THE FONTWELL PARK STEEPLECHASE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 56,000 | 7,427 | 427,548 | 490,975
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 341,135 | 341,135
At 1 January 2024 | 56,000 | 7,427 | 768,683 | 832,110
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (533,399) | (533,399)
At 31 December 2024 | 56,000 | 7,427 | 235,284 | 298,711
| The notes on pages 4 to 15 form part of these financial statements.
Page 3
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Fontwell Park Steeplechase Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millbank Tower, 21-24 Millbank, London, SW1P 4QP. The principal place of business of the company is Fontwell Racecourse, Arundel, West Sussex, BN18 OSX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of NR Acquisitions Topco Ltd as at 31 December 2024 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
The directors are required to make an assessment of the appropriateness of using the going concern assumption in preparing these financial statements. Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. NR Acquisitions Limited's facility agreement in place with Hightower Finance (Jersey) Limited provides sufficient headroom to enable the company to continue in operational existence. Assurance has been received from Omaha Business Holdings Corp that it will continue to make funds available to enable the company to meet its obligations as they fall due for the foreseeable future, and at least 12 months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2024. Page 4
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Turnover principally relates to income derived directly from the holding of horse race meetings, including industry related funding from the Horserace Betting Levy Board (HBLB), and the non-raceday use of the Racecourse facilities. Income is recognised once a race meeting or non-raceday event has been held. This includes admissions revenue, other racing income and catering income. In certain circumstances income is taken over the life of the agreement to which it relates, such as rental income and annual memberships. Media rights Income received in respect of media rights over the broadcasts from the racecourse is recognised within revenue in the period in which the relevant race meetings are held.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 5
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 6
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 25-50 years
|  |  |  | Plant and machinery | - | 3-10 years
|  |  |  | Motor vehicles | - | 4 years
|  |  |  | Fixtures and fittings | - | 3-10 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | 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.
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless Page 7
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 8
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | Financial liabilities
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs. Subsequently, the measurement of financial liabilities depends on their classification as follows: Derecognition of financial liabilities A liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Page 9
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 784,057 | 775,829
| Social security costs | 62,263 | 60,968
| Pension costs | 13,738 | 16,027
|  | 860,058 | 852,824
| The average monthly number of employees, including the directors, during the year was as follows: |  |
| Permanent Staff (Number) | 15 | 10
|  | 15 | 10
| The Company employs casual staff to assist during racedays. Casual staff are not included in the staff numbers stated above. Also, the costs above include recharged staff costs from fellow group companies. The staff numbers from the recharged costs are also not included in the numbers stated above.
Page 10
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Land and buildings Freehold | Assets under construction | Plant and machinery | Fixtures, fittings & equipment | Motor vehicles | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2024 | 13,225,673 | 30,000 | 242,412 | 1,281,443 | 103,650 | 14,883,178
| Transfers between classes | 30,000 | (30,000) | - | - | - | -
| At 31 December 2024 | 13,255,673 | - | 242,412 | 1,281,443 | 103,650 | 14,883,178
| Depreciation |  |  |  |  |  |
| At 1 January 2024 | 5,482,982 | - | 200,288 | 1,267,598 | 56,045 | 7,006,913
| Charge for the year on owned assets | 333,662 | - | 21,806 | 5,224 | - | 360,692
| At 31 December 2024 | 5,816,644 | - | 222,094 | 1,272,822 | 56,045 | 7,367,605
| Net book value |  |  |  |  |  |
| At 31 December 2024 | 7,439,029 | - | 20,318 | 8,621 | 47,605 | 7,515,573
| At 31 December 2023 | 7,742,691 | 30,000 | 42,124 | 13,845 | 47,605 | 7,876,265
| The freehold land and buildings included above at valuation could alternatively be stated at a net book value of £8,174,432 (2023: £8,013,239) with accumulated depreciation of £333,662 (2023: £Nil). Deferred tax on the revaluation gain has not been provided under FRS102 as indexation allowance mitigates any potential gain.
5. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 51,455 | 46,318
|  | 51,455 | 46,318
Page 11
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 4,517 | 7,027
| Amounts owed by group undertakings | 14,356,425 | 12,473,930
| Other debtors | 19,554 | 11,127
| Prepayments and accrued income | 25,543 | 28,469
| Tax recoverable | 494,012 | 232,593
| Deferred taxation | 44,269 | 64,697
|  | 14,944,320 | 12,817,843
| There are no specific terms of interest or repayment attached to the amounts owed by group undertakings.
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 168,838 | 153,986
| Amounts owed to group undertakings | 21,730,202 | 19,372,884
| Other taxation and social security | 19,072 | 12,176
| Other creditors | 49,637 | 38,310
| Accruals and deferred income | 444,808 | 495,024
|  | 22,412,557 | 20,072,380
| There are no specific terms of interest or repayment attached to the amounts owed to group undertakings.
Page 12
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 64,697
| Charged to profit or loss | (20,428)
| At end of year | 44,269
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 45,146 | 64,993
| Provisions | (877) | (296)
|  | 44,269 | 64,697
9. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 56,000 (2023 - 56,000) Ordinary shares of £1.00 each | 56,000 | 56,000
10. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,647 (2023: £16,027). Contributions totalling £2,327 (2023: £1,183) were payable to the fund at the balance sheet date. Page 13
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 13,047 | 13,047
| Later than 1 year and not later than 5 years | 12,869 | 34,519
| Later than 5 years | - | 5,736
|  | 25,916 | 53,302
12.Other financial commitments The bank loans and overdrafts of the NR Acquisitions Topco Group are secured by a legal charge over the racecourse properties in the NR Acquisitions Topco Group.
13. | Related party transactions
| The company has taken advantage of exemption, under the terms of FRS102 not to disclose related party transactions with wholly owned subsidiaries within the group. During the year, the company provided racing services to and received similar services from the following related parties:
|  | 2024 | 2023
|  | £ | £
| Recharges to/(from) |  |
| Fellow subsidiaries and companies under common control | 62,494 | 6,192
| Balance due from/(to related parties) |  |
| Fellow subsidiaries and companies under common control | 14,229,664 | (33,228)
| During the year the company received income of £1,991,344 (2023: £3,055,278) from Arena Leisure Racing Limited, a company under common control.
Page 14
THE FONTWELL PARK STEEPLECHASE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Controlling party
The immediate parent company is Northern Races Limited. The ultimate parent company is Omaha Business Holdings Corp, a company registered in the British Virgin Islands. The company's ultimate UK parent is NR Acquisitions Topco Limited. NR Acquisitions Topco Limited prepares group financial statements and copies can be obtained from Companies House. The registered address and principal place of business of NR Acquisitions Topco Limited and Northern Races Limited is Millbank Tower, 21-24 Millbank, London, SW1P 4QP. The registered address and principal place of business of Omaha Business Holdings Corp is 2nd Floor, O'Neal Marketing Associates Building, PO Box 3174, Wickham's Cay II, Road Town, Tortola, British Virgin Islands.
15. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 25 July 2025 by Christopher Taylor (Senior statutory auditor) on behalf of Adler Shine LLP.
Page 15