Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 true true true true true 172 184 2024-01-01 false true false false 05960353 2024-01-01 2024-12-31 05960353 2023-01-01 2023-12-31 05960353 2024-12-31 05960353 2023-12-31 05960353 2023-01-01 05960353 2 2024-01-01 2024-12-31 05960353 2 2023-01-01 2023-12-31 05960353 d:CompanySecretary1 2024-01-01 2024-12-31 05960353 d:Director1 2024-01-01 2024-12-31 05960353 d:Director2 2024-01-01 2024-12-31 05960353 d:Director3 2024-01-01 2024-12-31 05960353 d:RegisteredOffice 2024-01-01 2024-12-31 05960353 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 05960353 e:Buildings e:LongLeaseholdAssets 2024-12-31 05960353 e:Buildings e:LongLeaseholdAssets 2023-12-31 05960353 e:PlantMachinery 2024-01-01 2024-12-31 05960353 e:MotorVehicles 2024-01-01 2024-12-31 05960353 e:MotorVehicles 2024-12-31 05960353 e:MotorVehicles 2023-12-31 05960353 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05960353 e:FurnitureFittings 2024-01-01 2024-12-31 05960353 e:FurnitureFittings 2024-12-31 05960353 e:FurnitureFittings 2023-12-31 05960353 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05960353 e:OfficeEquipment 2024-01-01 2024-12-31 05960353 e:OfficeEquipment 2024-12-31 05960353 e:OfficeEquipment 2023-12-31 05960353 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05960353 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05960353 e:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 05960353 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 05960353 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05960353 e:CurrentFinancialInstruments 2024-12-31 05960353 e:CurrentFinancialInstruments 2023-12-31 05960353 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 05960353 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05960353 e:UKTax 2024-01-01 2024-12-31 05960353 e:UKTax 2023-01-01 2023-12-31 05960353 e:ShareCapital 2024-12-31 05960353 e:ShareCapital 2023-12-31 05960353 e:ShareCapital 2023-01-01 05960353 e:SharePremium 2024-12-31 05960353 e:SharePremium 2023-12-31 05960353 e:SharePremium 2023-01-01 05960353 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05960353 e:RetainedEarningsAccumulatedLosses 2024-12-31 05960353 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05960353 e:RetainedEarningsAccumulatedLosses 2023-12-31 05960353 e:RetainedEarningsAccumulatedLosses 2023-01-01 05960353 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05960353 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05960353 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 05960353 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 05960353 d:OrdinaryShareClass1 2024-01-01 2024-12-31 05960353 d:OrdinaryShareClass1 2024-12-31 05960353 d:OrdinaryShareClass1 2023-12-31 05960353 d:FRS102 2024-01-01 2024-12-31 05960353 d:Audited 2024-01-01 2024-12-31 05960353 d:FullAccounts 2024-01-01 2024-12-31 05960353 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05960353 e:Subsidiary1 2024-01-01 2024-12-31 05960353 e:Subsidiary1 1 2024-01-01 2024-12-31 05960353 e:Subsidiary2 2024-01-01 2024-12-31 05960353 e:Subsidiary2 1 2024-01-01 2024-12-31 05960353 e:Subsidiary3 2024-01-01 2024-12-31 05960353 e:Subsidiary3 1 2024-01-01 2024-12-31 05960353 e:Subsidiary4 2024-01-01 2024-12-31 05960353 e:Subsidiary4 1 2024-01-01 2024-12-31 05960353 e:Subsidiary5 2024-01-01 2024-12-31 05960353 e:Subsidiary5 1 2024-01-01 2024-12-31 05960353 e:Subsidiary6 2024-01-01 2024-12-31 05960353 e:Subsidiary6 1 2024-01-01 2024-12-31 05960353 e:Subsidiary7 2024-01-01 2024-12-31 05960353 e:Subsidiary7 1 2024-01-01 2024-12-31 05960353 e:Subsidiary8 2024-01-01 2024-12-31 05960353 e:Subsidiary8 1 2024-01-01 2024-12-31 05960353 e:Subsidiary9 2024-01-01 2024-12-31 05960353 e:Subsidiary9 1 2024-01-01 2024-12-31 05960353 e:Subsidiary10 2024-01-01 2024-12-31 05960353 e:Subsidiary10 1 2024-01-01 2024-12-31 05960353 e:Subsidiary11 2024-01-01 2024-12-31 05960353 e:Subsidiary11 1 2024-01-01 2024-12-31 05960353 e:WithinOneYear 2024-12-31 05960353 e:WithinOneYear 2023-12-31 05960353 e:BetweenOneFiveYears 2024-12-31 05960353 e:BetweenOneFiveYears 2023-12-31 05960353 6 2024-01-01 2024-12-31 05960353 12 2024-01-01 2024-12-31 05960353 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2024-01-01 2024-12-31 05960353 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05960353 ARENA LEISURE RACING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ARENA LEISURE RACING LIMITED COMPANY INFORMATION
Directors | B D Hunt
| S A J Nahum
| M Spincer
Company secretary | M J Hill
Registered number | 05960353
Registered office | 4th Floor
| Millbank Tower
| London
| SW1P 4QP
Independent auditor | Adler Shine LLP
| Chartered Accountants & Statutory Auditor
| Aston House
| Cornwall Avenue
| London
| N3 1LF
ARENA LEISURE RACING LIMITED CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Directors' responsibilities statement | 6
Independent auditors' report | 7 - 10
Statement of comprehensive income | 11
Balance sheet | 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 31
ARENA LEISURE RACING 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
During the year the company continued to provide management and operational services, including starting stalls, photo finish equipment, camera patrol and LED screens to other companies in the Arena Racing Group. The company manages media rights of the group companies including international media rights in the horseracing and greyhound racing industry. Turnover increased from £58.4m in 2023 to £83m for the year ended 31 December 2024. Operating profit increased from a £7.4m in 2023 to £29.4m in 2024. The company's principal revenue streams are dependent on British horseracing fixtures being staged. 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 supported fellow group companies during the year, facilitating the movement of cash around the group. This is reflected in the increase in both amounts due from and 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 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 Company'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. 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
ARENA LEISURE RACING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the Company
Section 172 of the Companies Act 2006 requires Directors, in the case of the Board (and by delegation the Executive Management team), to take into consideration the interests of stakeholders and other matters in their decision making. The Board has regard to the interests of the Company’s employees, customers, suppliers and other stakeholders, the impact of its activities on the community, the environment and the Company’s reputation for good business conduct. In this context, acting in good faith and fairly, the Board considers what is most likely to promote the success of the Company. We explain below, how the Board engages with stakeholders. Approval of 2024 Budget In approving the Annual Group Budget the Board carried out a detailed review of the various commercial drivers and sensitivities in the business, including forecast media income, admissions and hospitality performance and developments in the betting industry which have had negative impacts on the business. The Board also considered continued investment in our employees, including signing off specific budgets for training, employee medical cover and other benefits. The interests of racing stakeholders were also inherent in agreed investment in prize money and other racecourse facilities. The above considerations were given in the context of ensuring ongoing investment in customer experience and continued capital expenditure. Key Board decisions During the year, the Board made several key decisions which are considered to be in the interests of the overall success of the company and the wider sport. This year these decisions continued to be centred around ways in which to minimise the impact of the current economic climate in terms of high inflation and rising interest rates on the cost base of the business, and initiatives to support and drive turnover. These decisions have impacts on certain stakeholder groups that have, to the extent considered appropriate by the Board, been reflected in the decision- making process. Prize Money Executive Contribution The level of Prize Money contribution we make into our race programme is one of the most material decisions that the Board takes in any year. This impacts on the competitiveness of our business in attracting the best runners at each level of racing to our racecourses, and provides direct and indirect financial support to owners, trainers, jockeys, horsemen and their own employees. We aim to strike a balance between ensuring our leading races and festivals maintain their competitiveness in horse racing, while ensuring that we are supporting all levels of the ownership and breeding industry at both small and large racecourses. Our decision on Prize Money contribution is traded off against other competing priorities for the Group, such as investments into property infrastructure at our racecourses, which are required to maintain the highest level of sporting and customer experience and safety for racing participants and spectators alike. In 2024 our Prize Money decision was made in the context of forecasted income levels. The decision was taken to increase Prize Money as the Board considered the views of racing stakeholders, as well as the likely overall economic impact on the industry as a whole. This decision is reviewed through each year. Use of Group Property Assets The Board continuously reviews the best use of Group assets. Where land assets are considered non-sacrosanct, the Board considers development opportunities. Page 2
ARENA LEISURE RACING LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employee engagement The Board considers it very important that employees are kept informed about both the financial performance of the Company, factors impacting the wider industry and more general employment related matters. As and when applicable an email is sent to employees summarising the instances where companies within the Group have been mentioned in the media along with other important news events in both horseracing and the wider sport industry. Regular emails are sent to all employees updating them on new Company policies such as safeguarding or CCO compliance. Employee feedback is actively sought by management. Employees are routinely consulted regarding changes in their working environment and organisational changes. Consultations can be on a one-to-one basis, in a group and/ or a combination of both. There are a number of regular communications meetings. Company-wide divisional employee days are held along with annual sénior management forums and regular regional update meetings. In addition, specialist functional areas meet on a regular basis such as the, Executive Directors and Financial Controllers forum meetings. We encourage the involvement of employees in the Company's performance through a bonus scheme. This is calculated and paid annually based on the financial performance of the Company compared to its annual budget target. In addition, a number of employees are eligible for a bonus scheme which is which linked to both individual KPls and the financial performance of the Company. Our appraisal scheme means that everyone gets a full appraisal at least once a year. This includes a review of KPIs/objectives which are aligned to the business and the setting of new KPIs/objectives for the next year. It is important that our directors are visible in the business. Directors meet new employees at our induction events at our central offices and at Raceday events. Regular board meetings are held at our locations around the country. This report was approved by the board and signed on its behalf.
................................................ B D Hunt Director
Date: 8 August 2025
Page 3
ARENA LEISURE RACING 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 continued to be that of providing management services and operational services, including starting stalls, photo finish equipment, camera patrol and LED screens, to other companies in the Arena Racing Group. The company manages media rights of the group companies including international media rights in the horseracing and greyhound racing industry.
Results and dividends
The profit for the year, after taxation, amounted to £23,767,795 (2023 - £2,623,785). No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
B D Hunt
S A J Nahum
M Spincer
Engagement with suppliers, customers and others
∙The company is able to take a long-term view and this approach is reflected also in the engagement with the various stakeholders expected to be impacted by the Board's decisions. As part of this, the Board maintains an ethos of being held to the highest possible standards of corporate conduct. ∙The Board is in regular communication with all key racing stakeholders (e.g. RCA, BHA, The Thoroughbred Group) to gauge potential views and reactions to important decisions made that impact across the industry. The company also engages with a range of stakeholders, including, but not limited to, employees, sponsors, residents in areas where racecourses and stadia operate, suppliers, media and commercial partners. ∙The Board engages with all of the above stakeholders either directly or through the various management teams, at formal industry and other events, on racedays at courses and elsewhere and through various industry forums. ∙There are Employee Days and team meetings across the Group which allow employees to voice any suggestions and concerns they may have. The Board and management also engage regularly with suppliers, media partners and sponsors, as well as taking feedback from customers. ∙In addition, the Board and management foster strong relationships across all our locations with both Local Authorities, including individual councillors, and the local community in general via trade bodies, community groups and other relevant forums.
Qualifying third party indemnity provisions
The company has put in place qualifying third party indemnity provisions for all the directors of Arena Leisure Racing Limited.
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower. Page 4
ARENA LEISURE RACING LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information.
Auditors
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 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. Thus, the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2024. Further details are given in the note 2.3 to the accounts. This report was approved by the board and signed on its behalf.
................................................ B D Hunt Director
Date: 8 August 2025
Page 5
ARENA LEISURE RACING 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 6
ARENA LEISURE RACING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARENA LEISURE RACING LIMITED
Opinion
We have audited the financial statements of Arena Leisure Racing 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 profit 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 Auditors' 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 7
ARENA LEISURE RACING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARENA LEISURE RACING LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 6, 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 8
ARENA LEISURE RACING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARENA LEISURE RACING LIMITED (CONTINUED)
Auditors' 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 Auditors' 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 9
ARENA LEISURE RACING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARENA LEISURE RACING 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 Auditors' 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 Auditors' 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 10
ARENA LEISURE RACING LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 82,980,651 | 58,443,463
Cost of sales |  | (44,997,185) | (34,689,240)
Gross profit |  | 37,983,466 | 23,754,223
Administrative expenses |  | (8,566,709) | (16,327,589)
Operating profit | 5 | 29,416,757 | 7,426,634
Income from shares in group undertakings |  | 649,211 | 276,510
Interest receivable and similar income | 8 | 941,823 | 2,360,211
Interest payable and similar expenses | 9 | (5,121,908) | (5,336,926)
Profit before tax |  | 25,885,883 | 4,726,429
Tax on profit | 10 | (2,118,088) | (2,102,644)
Profit for the financial year |  | 23,767,795 | 2,623,785
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 14 to 31 form part of these financial statements.
Page 11
ARENA LEISURE RACING LIMITED REGISTERED NUMBER: 05960353 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 2,038,334 |  | 2,198,334
Tangible assets | 12 |  | 3,022,620 |  | 3,521,037
Investments | 13 |  | 141,036,749 |  | 141,036,747
|  |  | 146,097,703 |  | 146,756,118
Current assets |  |  |  |  |
Stocks | 14 | 9,207 |  | - |
Debtors: amounts falling due within one year | 15 | 294,180,614 |  | 193,799,118 |
Cash at bank and in hand | 16 | 3,258,459 |  | 2,767,239 |
|  | 297,448,280 |  | 196,566,357 |
Creditors: amounts falling due within one year | 17 | (348,560,696) |  | (272,104,983) |
Net current liabilities |  |  | (51,112,416) |  | (75,538,626)
Total assets less current liabilities |  |  | 94,985,287 |  | 71,217,492
Net assets |  |  | 94,985,287 |  | 71,217,492
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 50,000,000 |  | 50,000,000
Share premium account |  |  | 23,800,001 |  | 23,800,001
Profit and loss account |  |  | 21,185,286 |  | (2,582,509)
|  |  | 94,985,287 |  | 71,217,492
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2025.
................................................ B D Hunt
Director
The notes on pages 14 to 31 form part of these financial statements. Page 12
ARENA LEISURE RACING LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 50,000,000 | 23,800,001 | (5,206,294) | 68,593,707
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,623,785 | 2,623,785
At 1 January 2024 | 50,000,000 | 23,800,001 | (2,582,509) | 71,217,492
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 23,767,795 | 23,767,795
At 31 December 2024 | 50,000,000 | 23,800,001 | 21,185,286 | 94,985,287
| The notes on pages 14 to 31 form part of these financial statements.
Page 13
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Arena Leisure Racing 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. 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
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. The Group'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 14
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Turnover relates to the sale of media rights, management services and operational services provided to the racecourses owned by the Company. The Company also provides several racing operations services - camera patrol, starting stalls, LED screen hire and photo finish equipment. Each of these services is charged when used on a per meeting basis and the income is recognised in the same period.
| 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 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 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 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 15
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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. Page 16
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Purchased racing fixtures | - | 20 | years
| 2.12 | 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. 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:
|  |  |  | Plant, machinery, fixtures and equipment | - | 5% - 25%
|  |  |  | Motor vehicles | - | 25%
|  |  |  | Fixtures and fittings | - | 5% - 25%
|  |  |  | Equipment | - | 5% - 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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 17
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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. Page 18
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
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. 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. Page 19
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | 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 20
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 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 judgements: - 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. - 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. 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. Deteimining 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. - Investment recoverability An assessment of the recoverability of investments has been made by the Directors as at 31 December 2024. The recoverability of these investments was based on expected future trade of the subsidiary companies. Due to the material nature of the intercompany balance this is considered a significant judgement area.
4. | Turnover
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom. Page 21
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 873,053 | 1,952,979
| Amortisation of intangible assets | 160,000 | 160,000
| Other operating lease rentals | - | 28,606
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 40,000 | 143,550
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| The average monthly number of persons (including directors) employed by the company during the year was: |  |
| Total permanent staff | 184 | 172
| Their aggregate remuneration comprised: |  |
| Wages and salaries | 3,580,914 | 3,836,556
| Social security costs | 362,459 | 281,112
| Pension costs | 162,712 | 155,401
|  | 4,106,085 | 4,273,069
Page 22
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group companies | 941,823 | 2,360,211
|  | 941,823 | 2,360,211
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest payable to group companies | 5,121,908 | 5,336,926
|  | 5,121,908 | 5,336,926
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 2,000,000 | 1,039,432
| Adjustments in respect of previous periods | 359,938 | 735,833
| Total current tax | 2,359,938 | 1,775,265
| Deferred tax |  |
| Origination and reversal of timing differences | (4,251) | (54,184)
| Adjustment in respect of prior periods | (237,599) | 381,563
| Total deferred tax | (241,850) | 327,379
| Tax on profit | 2,118,088 | 2,102,644
Page 23
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower 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
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 25,885,883 | 4,726,429
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 6,471,471 | 1,110,711
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 10,098 | 121,161
| Adjustments to tax charge in respect of prior periods | 122,338 | 1,117,396
| Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment | (162,303) | (64,980)
| Group relief | (5,368,537) | (877,921)
| Effect of change in corporation tax rate | - | (3,251)
| Restricted interest | 1,045,021 | 699,528
| Total tax charge for the year | 2,118,088 | 2,102,644
Page 24
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 January 2024 | 3,200,000
| At 31 December 2024 | 3,200,000
| Amortisation |
| At 1 January 2024 | 1,001,666
| Charge for the year on owned assets | 160,000
| At 31 December 2024 | 1,161,666
| Net book value |
| At 31 December 2024 | 2,038,334
| At 31 December 2023 | 2,198,334
Page 25
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets
|  | Plant, machinery, fixtures and equipment | Fixtures and fittings | Equipment | Motor vehicles | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 5,686,133 | 280,227 | 6,876,499 | 364,252 | 13,207,111
| Additions | 326,887 | - | 394 | 47,355 | 374,636
| Transfers between classes | (520) | - | 520 | - | -
| At 31 December 2024 | 6,012,500 | 280,227 | 6,877,413 | 411,607 | 13,581,747
| Depreciation |  |  |  |  |
| At 1 January 2024 | 2,966,311 | 250,591 | 6,125,955 | 343,217 | 9,686,074
| Charge for the year on owned assets | 812,125 | 5,572 | 45,344 | 10,012 | 873,053
| At 31 December 2024 | 3,778,436 | 256,163 | 6,171,299 | 353,229 | 10,559,127
| Net book value |  |  |  |  |
| At 31 December 2024 | 2,234,064 | 24,064 | 706,114 | 58,378 | 3,022,620
| At 31 December 2023 | 2,719,822 | 29,636 | 750,544 | 21,035 | 3,521,037
13. | Fixed asset investments
|  | Investments in subsidiary companies | Unlisted investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 141,036,595 | 152 | 141,036,747
| Additions | 2 | - | 2
| At 31 December 2024 | 141,036,597 | 152 | 141,036,749
Page 26
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Arena Racing (Southwell) Limited | England & Wales | Ordinary | 100%
| The Doncaster Racecourse Management Limited | England & Wales | Ordinary | 81%
| Ffos Las Racecourse Limited | England & Wales | Ordinary | 100%
| Folkestone Racecourse Limited | England & Wales | Ordinary | 100%
| Lingfield Park Limited | England & Wales | Ordinary | 100%
| Southwell Racecourse Limited | England & Wales | Ordinary | 100%
| Windsor Racing Limited | England & Wales | Ordinary | 100%
| Wolverhampton Racecourse Limited | England & Wales | Ordinary | 100%
| Worcester Racecourse Limited | England & Wales | Ordinary | 81%
| Racecourse Data Company Limited | England & Wales | Ordinary | 9.09%
| Lingfield Park Property Development Limited | England & Wales | Ordinary | 100%
| The registered address of all subsidiary undertakings is Millbank Tower, 21-24 Millbank, London, SW1P 4QP with the exception of Racecourse Data Company Limited. The registered address of Racecourse Data Company Limited is 10th Floor, The Met Building, 22 Percy Street, London, W1T 2BU.
14. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 9,207 | -
|  | 9,207 | -
Page 27
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 6,029,244 | 12,886,625
| Amounts owed by group undertakings | 249,255,256 | 173,973,591
| Amounts owed by joint ventures and associated undertakings | 27,677,798 | 80,000
| Other debtors | 2,900,112 | 1,979,560
| Prepayments and accrued income | 8,045,765 | 4,848,753
| Deferred taxation | 272,439 | 30,589
|  | 294,180,614 | 193,799,118
| There are no specific terms of repayment attached to the amounts owed by group undertakings.
16. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,258,459 | 2,767,239
| Less: bank overdrafts | (25,303) | -
|  | 3,233,156 | 2,767,239
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 25,303 | -
| Trade creditors | 2,176,830 | 5,926,219
| Amounts owed to group undertakings | 330,585,706 | 261,076,851
| Amounts owed to associates | 6,197 | 6,197
| Other taxation and social security | 4,655,285 | 1,265,414
| Other creditors | 3,046,741 | 324,543
| Accruals and deferred income | 8,064,634 | 3,505,759
|  | 348,560,696 | 272,104,983
| There are no specific terms of repayment attached to the amounts owed to group undertakings.
Page 28
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 30,589
| Charged to profit or loss | 241,850
| At end of year | 272,439
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 281,208 | 1,500
| Provisions | (8,769) | 29,089
|  | 272,439 | 30,589
19. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,000,000 (2023 - 50,000,000) Ordinary shares shares of £1.00 each | 50,000,000 | 50,000,000
20. | 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 £162,712 (2023: £155,401). No contributions were payable to the fund at the balance sheet date. Page 29
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | 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 | 67,992 | 66,890
| Later than 1 year and not later than 5 years | 18,454 | 64,069
|  | 86,446 | 130,959
22.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.
23. | Related party transactions
| During the year the company entered into the following transactions with related parties:
|  | 2024 | 2023
|  | £ | £
| Recharged and transfers to/(from) |  |
| Entities over which the entity has control, joint control or significant influence | 32,979,578 | 2,059,925
| Fellow subsidiaries and companies under common control | - | 15,361,557
| Amounts due from/(to related parties) |  |
| Entities over which the entity has control, joint control or significant influence | 64,665,954 | 19,233,509
| Fellow subsidiaries and companies under common control | 11,809,491 | (63,375,314)
| Other information The companies above are all under common control with the company. Arena Leisure Limited, an intermediate parent undertaking within the Omaha Business Holdings Corp group, owns an equity share in At The Races Holdings Limited ('ATR'), a joint venture company. During the year, the Group made sales of £38,299,358 (2023: £45,072,864) to ATR. At the year-end £8,268,469 (2023: £45,042,194) was due from ATR.
Page 30
ARENA LEISURE RACING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Controlling party
The immediate parent company is Arena Leisure 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 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 31