Ludlow Race Club Limited(The) - Accounts to registrar (filleted)

REGISTERED NUMBER: 00508758 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Ludlow Race Club Limited(The)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Viscount Boyne

Mrs D Marsh

W D C Minton Esq

V Taylor

Mrs D Williams

G Rowles Esq

Mrs M Hunter

D Windsor-Clive

R P L Burton

E Bailey

Secretary:

S Sherwood

Registered office:

Ludlow Racecourse

Bromfield

Ludlow

Shropshire

SY8 2BT

Registered number:

00508758 (England and Wales)

Accountants:

Acre Accountancy Limited

Unit 2 Foley Works

Foley Trading Estate

Hereford

Herefordshire

HR1 2SF

Bankers:

Lloyds Bank

Abergavenny

Solicitors:

TA Matthews and Company

1st Floor

Broadway House

32-35 Broad Street

Hereford

HR4 9AR

FIXED ASSETS

Tangible assets

4

1,772,106

1,764,988

Investments

5

26,900

1,799,006

1,791,888

CURRENT ASSETS

Debtors

6

1,042,140

1,091,562

Cash at bank and in hand

495,973

568,276

1,538,113

1,659,838

CREDITORS

Amounts falling due within one year

7

(509,175

)

(610,826

)

NET CURRENT ASSETS

1,028,938

1,049,012

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,827,944

2,840,900

ACCRUALS AND DEFERRED INCOME

13,259

(244,560

)

NET ASSETS

2,841,203

2,596,340

RESERVES

Other reserves

2,966,402

2,708,492

Income and expenditure account

(125,199

)

(112,152

)

2,841,203

2,596,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

Viscount Boyne - Director

1.	STATUTORY INFORMATION

Ludlow Race Club Limited(The) is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover consists of Club Membership, Raceday, Plate entries income and income from Non-Raceday use of facilities, stated net of value added tax.

Tangible fixed assets

Depreciation is provided to write off the cost less any residual value over the estimated useful lives of the assets at the following rates and methods.

Freehold land

Nil

Leasehold land and buildings

Straight line over the lease term

Crossing mats

3 year straight line

Running rails

10 year straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

20% reducing balance

The directors are of the opinion that the residual value of the freehold property is not less than cost and that, therefore, the depreciation charge per annum is nil.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Operating leases

Leasing charges in respect of operating leases are recognised in the profit and loss account over the lives of the lease agreements using the straight line method. Rental income due from operating leases is included in the profit and loss account on a straight line basis over the period of the lease.

Pensions

There is a pension stakeholder scheme in place with Scottish Widows. The company makes contributions to this for some of its permanent staff. Contributions payable in the year are charged to the profit and loss account.

Capital grants

Capital grants are received from the Horserace Betting Levy Board (HBLB) and others in respect of capital expenditure.Capital grants received are taken to the grant account. Credits are made to the profit and loss account by equal annual installments over a period which on average matches the period over which the relevant fixed assets are depreciated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 111 (2023 - 111 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

Plant and

and

property

leasehold

machinery

fittings

Totals

£

Cost

At 1 January 2024

15,000

3,445,564

488,793

528,192

4,477,549

Additions

-

3,876

111,823

25,980

141,679

Disposals

-

(33,950

)

-

(33,950

)

At 31 December 2024

15,000

3,449,440

566,666

554,172

4,585,278

Depreciation

At 1 January 2024

-

1,913,081

351,154

448,326

2,712,561

Charge for year

-

46,248

49,898

19,770

115,916

Eliminated on disposal

-

(15,305

)

-

(15,305

)

At 31 December 2024

-

1,959,329

385,747

468,096

2,813,172

Net book value

At 31 December 2024

15,000

1,490,111

180,919

86,076

1,772,106

At 31 December 2023

15,000

1,532,483

137,639

79,866

1,764,988

5.	FIXED ASSET INVESTMENTS

31/12/24

31/12/23

£

Racecourse Media Group Limited

1 Ordinary ''A'' Share

100

Racecourse Media Group Limited

133 Ordinary ''B'' Shares

26,600

Racecourse Betting Company Limited

1 Ordinary ''A'' Share

100

Racing UK Limited

1 Ordinary ''A'' Share

100

26,900

All investments are stated at cost

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

Trade debtors

1,013,579

1,003,077

Fuel account

150

Prepayments and accrued income

28,411

47,437

Accrued income

-

40,898

1,042,140

1,091,562

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

Hire purchase contracts

35,171

32,758

Payments on account

102,183

87,358

Trade creditors

185,705

237,063

Social security and other taxes

11,497

12,890

VAT

27,248

26,860

Accruals and deferred income

147,371

213,897

509,175

610,826

8.

SECURITY

From 27 August 2010 the Horserace Betting Levy Board has held a debenture over the leasehold property of the company.

9.	COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the club had annual commitments under non-cancellable operating leases as set out below.

31/12/24

31/12/23

Land and
buildings

£

Operating leases which are payable:

Within 1 year

-

15,000

Within 2 to 5 years

-

After more than 5 years

-

15,000

10.

GUARANTEE

The company is limited by guarantee and does not have a share capital. In the event of a winding up, each member undertakes to contribute a sum not exceeding one pound. At 31 December 2024 there were 546 members (2023: 453).