Registration number: 10801939

Championship Racing Limited trading as Championship Horse Racing

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Championship Racing Limited trading as Championship Horse Racing

Company Information

Directors

B Z Spivack J P Wray

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Championship Racing Limited trading as Championship Horse Racing

Statement of Financial Position as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Investments	4	2	2
Current assets
Debtors	5	35,066	17,161
Cash at bank and in hand		19,590	8,556
		54,656	25,717
Creditors: Amounts falling due within one year	6	(5,257,105)	(4,758,331)
Net current liabilities		(5,202,449)	(4,732,614)
Total assets less current liabilities		(5,202,447)	(4,732,612)
Creditors: Amounts falling due after more than one year	6	(10,000)	(20,000)
Net liabilities		(5,212,447)	(4,752,612)
Capital and reserves
Called up share capital		258	258
Share premium reserve		1,349,533	1,349,533
Retained earnings		(6,562,238)	(6,102,403)
Shareholders' deficit		(5,212,447)	(4,752,612)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Championship Racing Limited trading as Championship Horse Racing

Statement of Financial Position as at 30 September 2024

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

.........................................

B Z Spivack

Director

.........................................

J P Wray

Director

Company registration number: 10801939

Championship Racing Limited trading as Championship Horse Racing

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the organisation and promotion of horse racing events.

2	Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Championship Racing Limited trading as Championship Horse Racing

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Going concern

The company made a profit for the year ended 30 September 2024 and had a deficiency of assets of £5,212,447 at this date. At this date an amount of £4,127,604 was due to two shareholders and £139,374 was due to the directors, all of whom have agreed to not call for repayment until such time as the company has sufficient working capital.

The directors have considered the ongoing effects to UK economy and sport and entertainment industries due to the Covid-19 pandemic and subsequent global uncertainties and the company successfully held Racing League events for a fourth successive year. The licensing agreement with the largest racing group in the UK remains in place to collaborate on the future delivery of Racing League that the company entered into after the completion of the first competition in 2021. This continues to provide the company with a leading industry partner and the financial support to enable Racing League to continue to develop and realise its commercial potential whilst maintaining minimal running costs and required resources. By successfully delivering 24 meetings and 157 highly competitive professional races to date, as well as introducing innovative features to the sport the company has cemented the league format concept and firmly established the competition as an annual feature of the British racing calendar.

2025 is expected to see continued progression with the seven regional teams competing again for over £2m of prize money and all 6 fixtures remain part of British racing's 'Premier Racedays' initiative. The popularity of the regional format was validated again by the increased support Racing League received from UK and Irish horsemen with even more horsemen registered to participate in the 2025 competition. Audience numbers for viewing, attendance and following significantly increased again in 2024 and additional partnerships were established. Furthermore, the ongoing relationships secured with the leading UK terrestrial and satellite broadcasters as well as media partners continues and remains a compelling endorsement of Racing League and its long term growth potential.

In light of the above and having made further enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the organisation and promotion of horse racing events in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Championship Racing Limited trading as Championship Horse Racing

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

Championship Racing Limited trading as Championship Horse Racing

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4	Investments

	2024 £	2023 £
Investments in subsidiaries	2	2