The Point-to-Point Racing Company 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.

Directors of the company

The directors who held office during the year were as follows:

A W K Merriam (Resignation 30 January 2024)

N J Wilson (Resignation 14 October 2024)

R H F Fuller

S P Cooper - Company secretary and director

I D Barnett

C Bailey (appointed 30 January 2024)

M Butts (appointed 11 December 2024)

Review of business

The Point-To-Point Racing Company (PPRC) provides central administration services for point-to-point racing in Britain in partnership with the sport's governing body, the Point-To-Point Association (PPA).

It also produces and prints digital and hard copy information and publications including racecards, annual planners, form books and the sport’s Yearbook.

In the face of changeable weather conditions and a consequential higher than average number of race meeting cancellations during the season, 2024 proved a challenging year for the company and its directors and employees.

The company’s revenue for the year, at £297,945 was £40,012 less than 2023. In line with this, profit before tax for the year was reduced from £17,527 to £4,180.
All revenue channels saw reductions including race entry commission, advertising, racecards, other publication sales, and website subscriptions.

A reduction in administrative costs (£204,345 versus £216,206 in 2023), allowed the company to maintain a profit, albeit down from the year before.

Direct costs were favourable (£94,917 versus £106,572 in 2023), in line with lower sales and activity, including printing, video coverage and videographers, race readers, and website maintenance, and the directors continued to manage the transition from print to online while remaining cognisant of the needs of customers. Salary and employee benefit costs were only slightly higher - £80,595 versus £76,072 in the previous year.

A delay in the rewrite of a new support system also kept costs and time pressures down as Weatherbys actively considered options for the company to leave their legacy systems running for the next 2-3 years.

Despite this delay, the company continued to focus its attention during 2024 on planning the support system replacement of its technology platform. This aims to deliver efficiencies, increasing its capacity to effectively manage workloads across small operational teams operated by both shareholders - Weatherbys and the PPA - in support of the company, and future planning. It also aims also to improve customer engagement with the sport. This will continue to be a key objective of the Directors in 2025, particularly around the level of investment required to achieve these changes.

The Point-to-Point Racing Company Limited

Directors' Report for the Year Ended 31 December 2024

Review of business

The directors continue to review the long-term funding model - income from commercial products, such as publications and racecards, offsetting the costs of production, media and suppliers and technology development, as traditional advertising revenues have fallen away and more non-chargeable but necessary administrative functions are required,

The directors also continue to direct their attention to ensuring the long term effective and close working relationship between Weatherbys and the PPA both at Board and operational levels.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expection that the company will continue in operational existence for the foreseeable future.

Directors' liabilities

During the year qualifying third party indemnity insurance was held on behalf of the directors.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Ballards LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 28 July 2025 and signed on its behalf by:

......................................... S P Cooper Company secretary and director

The Point-to-Point Racing Company Limited

(Registration number: 02422257)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	1,648	2,664
Tangible assets	5	114	541
		1,762	3,205
Current assets
Stocks		6,354	4,998
Debtors	6	78,237	76,482
Cash at bank and in hand		187,505	165,813
		272,096	247,293
Creditors: Amounts falling due within one year	7	(95,975)	(70,070)
Net current assets		176,121	177,223
Net assets		177,883	180,428
Capital and reserves
Called up share capital		200	200
Retained earnings		177,683	180,228
Shareholders' funds		177,883	180,428

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 July 2025 and signed on its behalf by:
 

......................................... S P Cooper Company secretary and director

The Point-to-Point Racing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
52-60 Sanders Road
Finedon Road Industrial Estate
Wellingborough
Northamptonshire
NN8 4BX
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 July 2025 was Andy Bewick FCCA, who signed for and on behalf of Ballards LLP.

Revenue recognition

The principal activities of the company and its revenue sources are derived from the production, publication and provision of information essential to the Point-to-Point horseracing sport in Great Britain, along with administration, promotional services and the generation of fixtures schedules, racecards, results and video content.

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.

Revenue from the sales of goods is recognised at the point the company has transferred the significant risks and rewards of ownership to the buyer, typically on dispatch of the goods.

Revenue from the provision of services is recognised in the period in which the services are delivered.

The Point-to-Point Racing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer and Office equipment	3 - 10 years straight line

Intangible assets

Intangible assets are recognised at cost and subsequently measured under the historical cost model,
being cost less accumulated amortisation and any accumulated impairment losses.

Website development costs are capitalised as intangible fixed assets and amortised over a period of
60 months from when the website commenced operating. Expenditure to maintain or operate the
website once it has been developed is charged to the income statement as incurred.

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 five years.

The Point-to-Point Racing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website development	5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

The Point-to-Point Racing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Multi employer plans

Pension costs relate to contributions to the Weatherbys Pension and Assurance Scheme, a pension scheme which has two elements providing benefits based on final pensionable pay for some members and benefits based on contributions paid for other members.

All the participating employers in the scheme are under common control. In accordance with FRS 102 para 28.38, this constitutes a Group Plan with the entity that has legal responsibility accounting for the scheme as a whole under defined benefit scheme accounting.

Weatherbys has the legal responsibility and thus the scheme has been accounted for under FRS 102 in Weatherbys Ltd's individual financial statements. As a result of this, The Point-to-Point Racing Company Limited accounts for its contributions to the defined benefits section of the pension scheme as if it was a defined contribution scheme.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4	Intangible assets

	Software £
Cost or valuation
At 1 January 2024	91,945
Transfers	18,083
At 31 December 2024	110,028
Amortisation
At 1 January 2024	89,281
Amortisation charge	1,016
Transfers	18,083
At 31 December 2024	108,380
Carrying amount
At 31 December 2024	1,648
At 31 December 2023	2,664

The Point-to-Point Racing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Furniture, fittings and equipment  £
Cost or valuation
At 1 January 2024	138,301
Disposals	(1,250)
Transfers	(18,083)
At 31 December 2024	118,968
Depreciation
At 1 January 2024	137,760
Charge for the year	341
Eliminated on disposal	(1,164)
Transfers	(18,083)
At 31 December 2024	118,854
Carrying amount
At 31 December 2024	114
At 31 December 2023	541

6

Debtors

Current	Note	2024 £	2023 £
Trade debtors		23,914	29,504
Amounts owed by related parties	8	535	4,224
Prepayments		43,636	29,254
Other debtors		10,152	13,500
		78,237	76,482

The Point-to-Point Racing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		49,093	31,580
Amounts owed to related parties	8	19,600	8,681
Taxation and social security		7,266	8,110
Accruals and deferred income		20,016	21,699
		95,975	70,070

8	Related party transactions

Summary of transactions with entities with joint control or significant interest

The company has related party transactions and balances with its joint venture's by virtue of their
direct shareholding. The company also has related party transactions and balances with other
connected parties by virtue of common control.

These related party transactions have been concluded under normal market conditions on an arm's
length basis and therefore no disclosure is considered necessary in these financial statements.

No statutory directors are remunerated through the company.
 

9	Ultimate Controlling Party

The company is jointly controlled by Weatherbys Limited and The Point-to-Point Authority Limited.
Each company holds 50% of the issued share capital and both companies are registered in England
and Wales.