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Registered number: 02571266 LINGFIELD PARK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LINGFIELD PARK LIMITED COMPANY INFORMATION
Directors | S A J Nahum
| M Spincer
Company secretary | M J Hill
Registered number | 02571266
Registered office | 4th Floor
| Millbank Tower
| 21-24 Millbank
| London
| SW1P4QP
Independent auditor | Adler Shine LLP
| Chartered Accountants & Statutory Auditor
| Aston House
| Cornwall Avenue
| London
| N3 1LF
LINGFIELD PARK LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Directors' responsibilities statement | 5
Independent auditor's report | 6 - 9
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 28
LINGFIELD PARK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present the strategic report for the year ended 31 December 2024.
Business review
Lingfield Park hosted 67 race meetings during 2024 (2023: 75) across its All-Weather, Flat and Jump tracks. Turnover for the year ended 31 December 2024 was £20,595,905 (2023: £22,906,906). The decrease was a reflection of the growing cost of living and competition the leisure spend. Operating results decreased from £2,743,277 profit in 2023 to £355,938 profit in 2024. The company's principal revenue streams are dependent on British horseracing fixtures being staged. Challenges remained on food and fuel prices throughout the year despite CPI falling from 4% at the start of the year to 2.5% by December 2024. The continued focus on the cost of living has put pressure on UK leisure spending habits upon which the company relies. Investment in fixed assets during the year was restricted to essential works, committed projects and the fulfilment of regulatory obligations. All other expenditure was closely monitored. The Company made use of additional funding from group companies during the year and this is reflected in the increase in amounts due to group companies at the year end. The directors are satisfied with the results for the year and are optimistic for the future.
Principal risks and uncertainties
The company operates in the sporting and leisure sector within the UK and as such faces the same risks as other similar businesses, primarily economic welfare, the availability of disposable income and competing interests for the leisure pound. In addition, as with any business that is conducted outdoors in the UK, a further risk is that of weather-related abandonments. It is impossible to mitigate this risk but the company does allow for a certain number of abandonments when completing its business plans. The effects of the conflict in Ukraine on pricing is closely monitored. The company has and will manage these risks appropriately. The main risks arising from the company's financial instruments are interest rate risk, liquidity risk and credit risk. The financial risk management objectives and policies for each of these risks are described in more detail below. Interest rate risk Hedging for interest risk is not currently deemed necessary, however, with the ever-changing economic climate the position is kept under regular review by the Board. Liquidity risk Liquidity risk is managed centrally. The current loan facilities have been agreed at appropriate levels given the Group's forecasted operating cash flows, loan repayments, expected future capital expenditure and trading income over the course of the foreseeable future. Credit risk Due to the nature of the company's income streams, the exposure to credit risk is considered minimal. Two of the main sources of income received are that from the HBLB and media income from the transmission of pictures through various media contracts. Other third-party income is derived from customers on race days and this is either paid in advance of the event or paid on the day. Of the income received by the company that is subject to credit risk, there are established credit procedures and collection policies in place which are reviewed and monitored centrally. Page 1
LINGFIELD PARK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
M Spincer Director
Date: 8 August 2025
Page 2
LINGFIELD PARK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company was that of operator of Lingfield Park Racecourse and Resort.
Results and dividends
The loss for the year, after taxation, amounted to £1,490,983 (2023 - profit £316,611). No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
S A J Nahum
M Spincer
Qualifying third party indemnity provisions
The company has put in place qualifying third party indemnity provisions for all the directors of Lingfield Park Limited.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
Adler Shine LLP was appointed as auditor in the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Going concern After reviewing the company's forecasts and projections for not less than 12 months from the date of approval of these financial statements and taking into account current financial resources, the directors have a reasonable expectation that Lingfield Park Limited has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties that give rise to significant doubt as to the company's ability to continue to prepare its financial statements on a going concern basis. Further details regarding the directors' considerations in drawing this conclusion are provided in note 2.3 to the financial statements. Page 3
LINGFIELD PARK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
M Spincer Director
Date: 8 August 2025
Page 4
LINGFIELD PARK LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
LINGFIELD PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINGFIELD PARK LIMITED
Opinion
We have audited the financial statements of Lingfield Park Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 6
LINGFIELD PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINGFIELD PARK LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
LINGFIELD PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINGFIELD PARK LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. ∙Enquiring of management of whether they are aware of any non-compliance with laws and regulations. ∙Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud. ∙Enquiring of management their internal controls established to mitigate risk related to fraud or noncompliance with laws and regulations. ∙Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals. ∙Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation, data protection, anti-bribery, employment and health and safety. Audit response to risks identified Fraud due to management override To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙audited the risk of management override of controls, including through testing journal entries for appropriateness; ∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. Irregularities and non-compliance with laws and regulations In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to: ∙Agreeing financial statements disclosures to underlying supporting documentation. ∙Reviewing minutes of meetings of those charged with governance. ∙Enquiring of management as to actual and potential litigation claims. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 8
LINGFIELD PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINGFIELD PARK LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Christopher Taylor (Senior statutory auditor) for and on behalf of Adler Shine LLP Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N3 1LF 8 August 2025 Page 9
LINGFIELD PARK LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 20,595,905 | 22,906,906
Cost of sales |  | (15,162,478) | (15,276,927)
Gross profit |  | 5,433,427 | 7,629,979
Administrative expenses |  | (5,077,489) | (4,886,702)
Operating profit | 5 | 355,938 | 2,743,277
Interest receivable and similar income | 8 | 811,705 | 659,292
Interest payable and similar expenses | 9 | (2,341,788) | (2,251,956)
(Loss)/profit before tax |  | (1,174,145) | 1,150,613
Tax on (loss)/profit | 10 | (316,838) | (834,002)
(Loss)/profit for the financial year |  | (1,490,983) | 316,611
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 13 to 28 form part of these financial statements.
Page 10
LINGFIELD PARK LIMITED REGISTERED NUMBER: 02571266 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 43,829,476 |  | 44,720,678
|  |  | 43,829,476 |  | 44,720,678
Current assets |  |  |  |  |
Stocks | 12 | 84,629 |  | 126,088 |
Debtors: amounts falling due within one year | 13 | 27,774,479 |  | 25,137,018 |
Cash at bank and in hand |  | 244,860 |  | 138,551 |
|  | 28,103,968 |  | 25,401,657 |
Creditors: amounts falling due within one year | 15 | (64,458,173) |  | (61,156,081) |
Net current liabilities |  |  | (36,354,205) |  | (35,754,424)
Total assets less current liabilities |  |  | 7,475,271 |  | 8,966,254
Net assets |  |  | 7,475,271 |  | 8,966,254
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 500,000 |  | 500,000
Share premium account |  |  | 8,550,000 |  | 8,550,000
Revaluation reserve |  |  | 2,716,000 |  | 2,716,000
Profit and loss account |  |  | (4,290,729) |  | (2,799,746)
|  |  | 7,475,271 |  | 8,966,254
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2025.
M Spincer
Director
The notes on pages 13 to 28 form part of these financial statements. Page 11
LINGFIELD PARK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 500,000 | 8,550,000 | 2,716,000 | (3,116,357) | 8,649,643
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 316,611 | 316,611
At 1 January 2024 | 500,000 | 8,550,000 | 2,716,000 | (2,799,746) | 8,966,254
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (1,490,983) | (1,490,983)
At 31 December 2024 | 500,000 | 8,550,000 | 2,716,000 | (4,290,729) | 7,475,271
| The notes on pages 13 to 28 form part of these financial statements.
Page 12
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Lingfield Park 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 Lingfield Racecourse, Racecourse Road, Lingfield, Surrey, RH7 6PQ. 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 (see note 3).
| 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 Arena Racing Corporation Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
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. Arena Racing Corporation 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 13
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover principally relates to income derived directly from the holding of horse race meetings, including industry related funding from the 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.
| 2.5 | 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | 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. Page 14
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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 15
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | 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:
|  |  |  | Freehold property | - | 2%-10%
|  |  |  | Plant and machinery | - | 2%-25%
|  |  |  | Motor vehicles | - | 25%
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.
| 2.11 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.12 | 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.
| 2.13 | 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. Page 16
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 17
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | 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 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. 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. Page 18
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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. 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.
| 2.16 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical Page 19
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 3.Judgments in applying accounting policies (continued) experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In preparing these financial statements, the directors have made the following judgement: - Determining whether leases entered into by the company are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis. - Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into account in reaching such a decision include the economic viability and expected future financial performance of the asset. Other key sources of estimation and uncertainty: - Tangible fixed assets The company recognises fixed assets where such expenditure enhances the racecourse assets, whereas any expenditure classed as maintenance is expensed in the period incurred. Determining enhancement from maintenance is a subjective area. The estimated useful economic lives of fixed assets are based on management judgement and experience. - Intercompany debtor recoverability An assessment of intercompany debtor recoverability has been made by the Directors as at 31 December 2024. The recoverability of these debts was based on expected future trade. Due to the material nature of the intercompany balance this is considered a significant judgement area. - Valuation of freehold land and building The company recognises the freehold land and building at fair value. In assessing the fair value of the directors have placed reliance on the advice obtained from the external valuers. Please refer to note 11 for further details.
4. | Turnover
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 1,110,396 | 1,025,648
| Other operating lease rentals | 31,760 | 51,939
Page 20
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 12,250 | 12,250
7. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| The average monthly number of persons employed by the company during the year was: |  |
| Total permanent staff | 66 | 58
| Their aggregate remuneration comprised: |  |
| Wages and salaries | 3,216,941 | 3,430,988
| Social security costs | 275,128 | 215,671
| Pension costs | 76,191 | 72,226
|  | 3,568,260 | 3,718,885
| 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.
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group companies | 811,705 | 659,292
|  | 811,705 | 659,292
Page 21
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loans from group undertakings | 2,341,788 | 2,251,956
|  | 2,341,788 | 2,251,956
Page 22
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 123,376 | -
|  | 123,376 | -
| Deferred tax |  |
| Origination and reversal of timing differences | 174,690 | 834,981
| Adjustment in respect of prior periods | 18,772 | (979)
| Total deferred tax | 193,462 | 834,002
| Tax on (loss)/profit | 316,838 | 834,002
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (1,174,145) | 1,150,613
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | (293,536) | 270,394
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 209,081 | 140,212
| Adjustments to tax charge in respect of prior periods | 18,772 | (979)
| Effect of change in corporation tax rate | - | 50,099
| Restricted interest | 382,521 | 374,276
| Total tax charge for the year | 316,838 | 834,002
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Assets under construction | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 51,919,738 | 12,785,056 | 207,044 | 507,733 | 65,419,571
| Additions | 13,215 | 1,797 | - | 235,190 | 250,202
| Disposals | - | (48,803) | - | - | (48,803)
| Transfers between classes | 249,491 | 327,063 | - | (576,554) | -
| At 31 December 2024 | 52,182,444 | 13,065,113 | 207,044 | 166,369 | 65,620,970
| Depreciation |  |  |  |  |
| At 1 January 2024 | 11,816,402 | 8,756,475 | 126,016 | - | 20,698,893
| Charge for the year on owned assets | 842,455 | 267,941 | - | - | 1,110,396
| Disposals | - | (17,795) | - | - | (17,795)
| Transfers between classes | - | 5,019 | (5,019) | - | -
| At 31 December 2024 | 12,658,857 | 9,011,640 | 120,997 | - | 21,791,494
| Net book value |  |  |  |  |
| At 31 December 2024 | 39,523,587 | 4,053,473 | 86,047 | 166,369 | 43,829,476
| At 31 December 2023 | 40,103,336 | 4,028,581 | 81,028 | 507,733 | 44,720,678
| The Company's freehold land and buildings, together with associated fixtures and plant, were revalued by external valuers, Baker Lorenz, Property Consultants as at 22 May 1997, in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors. The revaluation took place as a result of a business combination. The historical cost net book value of freehold land and buildings is £37,750,234 (2023: £37,750,234). The Company has taken advantage of the transitional provision in FRS 102 to retain the existing book values, including those of its unimpaired tangible fixed assets, which were previously stated at valuation. Deferred tax on the revaluation gain has not been provided under FRS102 as indexation allowance mitigates any potential gain.
Page 24
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 84,629 | 126,088
|  | 84,629 | 126,088
13. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 151,351 | 178,676
| Amounts owed by group undertakings | 26,342,743 | 23,910,506
| Other debtors | 498,870 | 426,181
| Prepayments and accrued income | 475,767 | 122,445
| Deferred taxation | 305,748 | 499,210
|  | 27,774,479 | 25,137,018
| There are no specific terms of repayment attached to the amounts owed by group undertakings.
14. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 244,860 | 138,551
|  | 244,860 | 138,551
Page 25
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 474,206 | 491,852
| Amounts owed to group undertakings | 62,041,280 | 58,928,251
| Other taxation and social security | 71,632 | 60,629
| Other creditors | 360,669 | 222,585
| Accruals and deferred income | 1,510,386 | 1,452,764
|  | 64,458,173 | 61,156,081
| There are no specific terms of repayment attached to the amounts owed to group undertakings.
16. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 499,210
| Charged to profit or loss | (193,462)
| At end of year | 305,748
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 303,618 | 455,525
| Tax losses carried forward | - | 40,946
| Provisions | 2,130 | 2,739
|  | 305,748 | 499,210
17. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 500,000 (2023 - 500,000) Ordinary shares of £1.00 each | 500,000 | 500,000
Page 26
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | 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 £87,451 (2023 - £72,226). Contributions totalling £8,520 (2023 - £10,955) were payable to the fund at the balance sheet date and are included in creditors.
19. | 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 | - | 2,629
|  | - | 2,629
20.Other financial commitments The bank loans and overdrafts of the Arena Racing Corporation Group are secured by a legal charge over the racecourse properties in the group.
21. | 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 | 2,784,338 | (24,597)
| Entities over which the group has control, joint control or significant influence | 4,135,588 | 6,075,829
| Balance due from/(to) related parties |  |
| Fellow subsidiaries and companies under common control | (810,289) | (89,532)
Page 27
LINGFIELD PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Controlling party
The immediate parent company is Arena Leisure Racing 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 Arena Racing Corporation Limited. Arena Racing Corporation Limited prepares group financial statements and copies can be obtained from Companies House. The registered address and principal place of business of Arena Racing Corporation Limited and Arena Leisure Racing 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.
Page 28