REGISTERED NUMBER: 00020359 (England and Wales)
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND
AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
LEICESTER RACECOURSE HOLDINGS LIMITED
LEICESTER RACECOURSE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M W Nelson
Mr P A Booth
Mr J H Sanderson
Mr R A Nelson
Company number
00020359
Registered office
The Racecourse
London Road
Leicester
LE2 4AL
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
LEICESTER RACECOURSE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
LEICESTER RACECOURSE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the ir strategic report of the company and the group for the year ended 31 December 2024.

Review of Business

The group’s result in 202 4 was a profit for the financial year of £931 k (202 3: £724 k). A significant factor is the mandatory FRS 102 adjustment of £276 k profit (202 3: £226 k) that detracts attention from the underlying business but highlights the volatility of the stock market in which we hold listed investments. The Capital Grants de creased £69 k (202 3: £1 08 k increase). Our key performance indicator excludes the FRS adjustment and adds the capital grants movement making £585 k profit for 202 4 (£607 k profit in 202 3).

Subsidiary company, Leicester Racecourse Co., Ltd (“LRC”)

29 fixtures were scheduled for 2024 (30 scheduled in 2023). The 2023 bad weather continued in 2024 with rainfall equalling the 2023 record of 36 inches, compared with a 30 years average of 24 inches and a previous record in 2012 of 32 inches. 50% over average and 12.5% over the previous record is considerable. 4 fixtures were abandoned due to the bad weather in 2024 (7 in 2023). 165 races were run, 10 more than in 2023. The 2 extra racedays and 10 extra races in the year helped improve the income and profits for the year.

Our media rights income continues to be under pressure partly due to continuing uncertainties over the Gambling Act review and affordability checks and partly due to the Olympics diverting sporting interests. Inflationary pressures continued to increase many costs. Overall it was a tough trading year.

No Capital Credits were claimed in 2024 (£180k in 2023).

Despite disappointing financial results for the year, the cashflow and balance sheet remain strong.

Associated company, Wetherby Steeplechase Committee Ltd (“Wetherby”)

Wetherby contributed a £89k loss to our share of operating profits (2023 £99k) and £26k increase in Capital Grants (2023 £36k). The Wetherby total return fell £5k, which is the worst result since we purchased the shares. After 4 abandonments for bad weather, 14 of the 18 fixtures were run (all 20 of the scheduled racedays were run in 2023). Racing 6 fewer days was the major cause of lower profits.

Holding company (“LRH”)

This was a record profit year. Rental income continued to grow. Our golf tenant has built its themed adventure golf course, which has increased its business. At completion of its 10th anniversary the Kube’s depreciation charges are smaller. High interest rates boosted the interest received. Profits on sales of investments increased. Comments on the revaluations under FRS 102 are in the first paragraph above.

Group

It has been another challenging year for the racing industry. The FRS adjustment and record profits in LRH hide the record loss in Wetherby and continued poor racing results in LRC.

The Directors feel that we shall continue to experience headwinds from the issues mentioned above, but despite being a challenging few years the group is in a strong position with healthy cashflow and a strong balance sheet.

Principal risks and uncertainties

The group's activities expose it to a variety of risks.

The principal risk is the generation of income streams. This is largely managed by funding via the HBLB and contracts for media rights. The group has TV rights contracts that run to 31 March 2028, following renewals agreed in 2021.

The directors consider that the group is financially well placed by having no external debt.

Continual efforts are being made to maximise both raceday and non-raceday income, and to control expenditure.

LEICESTER RACECOURSE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr M W Nelson
Director
30 April 2025
LEICESTER RACECOURSE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their report and financial statements of the company and the group for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of the promotion of race meetings under British Horseracing Authority rules.

The group's land and buildings are also used for purposes which do not interfere with racing.

Results and dividends

The results for the year are set out on page 9.

A dividend of £2.60/share totalling £136,258 was paid in 2024 (2023: £2.60/share totalling £136,258). In accordance with FRS 102 section 32 "Events after the balance sheet date", the company no longer provides for dividends proposed but not approved by the balance sheet date. The directors expect to propose a dividend which will be subject to the approval of the shareholders at the AGM.

Details of the proposed dividend are contained in the Chairman's statement to shareholders and will be circulated with the relevant papers for the AGM.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr M W Nelson
Mr P A Booth
Mr J H Sanderson
Mr R A Nelson
Financial instruments

The group uses financial instruments, which include cash resources and listed investments. The main risks arising from the group's financial instruments are price, liquidity and cash flow risk. The directors regularly review and agree policies for the mitigation of these risks.

Future developments

Political influences over the racing industry remain a concern. In particular the review of the Gambling Act, which was started by the DCMS in December 2020, and the scope of affordability checks continue slowly. One significant industry member has estimated a fall in on-line betting revenues of £3 billion or more than 25% on horse racing over the two years to 31 March 2024. Since 1 April 2019, when statute became effective to reduce the maximum bet on FOBTs from £100 to £2, over one third of the UK’s LBOs (licenced betting offices) have closed. These two issues have had a significant impact on betting and consequentially our media rights income from bookmakers. We hope that continu ing industry lobbying will lead to the easing of these issues.

Many other issues are also outside our control, but we hope for better weather in 2025 and to have fewer abandonments. Geopolitical problems continue but there seems to be less markets volatility. We are seeing improving energy prices and lower interest rates and lower inflation giving better stability to the UK economy. We hope that an improving economy will lead to improved group results.

The racing companies will continue to add value to events, in particular on our premium racedays. The highest profile raceday in 2025 will be LRC’s Ladies Day on Saturday 5 July. In addition to racing there will be live music headlined by Sophie Ellis-Bextor with a DJ set by Mark Wright and support from The Different Lights.

The Directors continue to explore trading opportunities on racedays and trading opportunities outside racing that do not interfere with racing.

LEICESTER RACECOURSE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

Despite many challenges the directors believe that the group is in a satisfactory position, both financially and contractually, to ensure the continuing health of the business. The directors are confident with the continued strength of the group due to prudent management with healthy cashflow and reserves.

Auditor

Newby Castleman LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Group 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as the director s are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor s are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of a ny relevant audit information and to establish that the group's auditor s are aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M W Nelson
Director
30 April 2025
LEICESTER RACECOURSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEICESTER RACECOURSE HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Leicester Racecourse Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance sheet, Company Balance sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Notes to the Consolidated Cash Flow Statement and N otes to the Financial Statements, 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 group's and the parent company affairs as at 31 December 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and the parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the Group Strategic Report and the Directors' R eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

LEICESTER RACECOURSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEICESTER RACECOURSE HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Group Strategic Report or the Directors' R eport.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 4, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the group and company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- obtaining an understanding of the legal and regulatory framework applicable to the group and company by considering the nature of the industry in which the group and company operates and enquiring of management; and

- identifying the key laws and regulations considered to have a direct impact on the financial statements including the UK Companies Act 2006, UK Generally Accepted Accounting Practice and UK tax legislation. Other regulations identified which were not considered to have a direct impact on the financial statements but which were considered central to the ability of the group and company to operate were the BHA General Instructions; and

LEICESTER RACECOURSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEICESTER RACECOURSE HOLDINGS LIMITED
- 7 -

- assessing how the group and company is complying with the applicable legal and regulatory framework by making further enquiries of management and observing the group and company's control environment regarding compliance with regulations and fraud prevention; and

- assessing the susceptibility of the group and company’s financial statements to material misstatement, including how fraud might occur, by considering the effectiveness of the group and company’s accounting systems and controls and how these were monitored by management. Where the risk of material misstatement was considered to be higher in certain areas, further audit procedures were designed to address this increased risk; and

- discussing amongst the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud.

Audit response to risk of irregularities identified

Our procedures to respond to risks identified included the following:

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

- enquiry of company staff responsible for compliance to identify any instances of non-compliance with laws and regulations; and

- reviewing supporting documentation confirming compliance with specific laws and regulations considered central to the ability of the group and company to operate; and

- enquiry of management, those charged with governance and other relevant parties around actual and potential litigation claims; and

- reviewing supporting documentation regarding actual and potential litigation claims; and

- reviewing minutes of meetings of those charged with governance; and

- performing audit work over revenue recognition including analytical procedures and substantive tests of detail of a sample of revenue transactions; and

- performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

- communicating identified laws and regulations and potential fraud risks to all engagement team members and assessing whether there are any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LEICESTER RACECOURSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEICESTER RACECOURSE HOLDINGS LIMITED
- 8 -

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 a Report of the Auditor's 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.

Richard Buckby FCA (Senior Statutory Auditor)
For and on behalf of Newby Castleman LLP
9 May 2025
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
LEICESTER RACECOURSE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
5
6,346,189
5,798,036
Cost of sales
(4,011,955)
(3,872,154)
Gross profit
2,334,234
1,925,882
Administrative expenses
(1,892,066)
(1,850,258)
442,168
75,624
Other operating income
-
0
50
Group operating profit
8
442,168
75,674
Share of results of associates
(89,902)
99,294
Income from fixed asset investments
277,995
273,372
Interest receivable and similar income
9
190,962
116,029
821,223
564,369
Profit on disposal of investments
38,699
13,833
Gain on revaluation of assets
276,838
226,189
1,136,760
804,391
Interest payable and similar expenses
11
(9,399)
(13,578)
Profit before taxation
1,127,361
790,813
Tax on profit
12
(195,772)
(65,973)
Profit for the financial year
26
931,589
724,840
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15-31 form part of these financial statements.

LEICESTER RACECOURSE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
15
3,834,240
4,071,059
Investment property
16
3,700,000
3,700,000
Investments
17
Interest in associate
2,348,676
2,353,700
Other investments
3,896,925
3,784,093
13,779,841
13,908,852
Current assets
Stocks
19
70,957
76,092
Debtors
20
1,492,750
1,142,688
Cash at bank and in hand
4,194,834
3,607,223
5,758,541
4,826,003
Creditors: amounts falling due within one year
21
(1,105,142)
(1,102,273)
Net current assets
4,653,399
3,723,730
Total assets less current liabilities
18,433,240
17,632,582
Provisions for liabilities
Deferred tax liability
24
(997,500)
(922,500)
Net assets
17,435,740
16,710,082
Capital grants
29
3,012,817
3,082,490
Called up share capital
25
52,407
52,407
Share premium
26
359,803
359,803
Revaluation reserve
26
2,736,413
2,736,413
Retained earnings
26
11,274,300
10,478,969
Shareholders' funds
14,422,923
13,627,592
17,435,740
16,710,082

The notes on pages 15-31 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

LEICESTER RACECOURSE HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
30 April 2025
Mr M W Nelson
Director
Company registration number 00020359 (England and Wales)
LEICESTER RACECOURSE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
15
598,972
658,912
Investment property
16
3,700,000
3,700,000
Investments
17
5,339,095
5,226,263
9,638,067
9,585,175
Current assets
Debtors
20
2,543,501
1,960,026
Cash at bank and in hand
484,713
291,297
3,028,214
2,251,323
Creditors: amounts falling due within one year
21
(343,140)
(280,735)
Net current assets
2,685,074
1,970,588
Total assets less current liabilities
12,323,141
11,555,763
Provisions for liabilities
Deferred tax liability
24
(952,500)
(912,500)
Net assets
11,370,641
10,643,263
Capital and reserves
Called up share capital
25
52,407
52,407
Share premium
26
359,803
359,803
Revaluation reserve
26
2,736,413
2,736,413
Retained earnings
26
8,222,018
7,494,640
Total equity
11,370,641
10,643,263

The notes on pages 15-31 form part of these financial statements.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £863,636 (2023 - £789,161 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
30 April 2025
Mr M W Nelson
Director
Company registration number 00020359 (England and Wales)
LEICESTER RACECOURSE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Called up share capital
Share premium
Fair value reserve
Retained earnings
Total equity
Notes
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
52,407
359,803
-
9,890,387
10,302,597
Prior period adjustment
-
-
2,736,413
-
2,736,413
As restated
52,407
359,803
2,736,413
9,890,387
13,039,010
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
724,840
724,840
Dividends
14
-
-
-
(136,258)
(136,258)
Balance at 31 December 2023
52,407
359,803
2,736,413
10,478,969
13,627,592
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
931,589
931,589
Dividends
14
-
-
-
(136,258)
(136,258)
Balance at 31 December 2024
52,407
359,803
2,736,413
11,274,300
14,422,923

The notes on pages 15-31 form part of these financial statements.

LEICESTER RACECOURSE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Called up share capital
Share premium
Fair value reserve
Retained earnings
Total equity
Notes
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
52,407
359,803
-
6,841,737
7,253,947
Prior period adjustment
-
-
2,736,413
-
2,736,413
As restated
52,407
359,803
2,736,413
6,841,737
9,990,360
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
789,161
789,161
Dividends
14
-
-
-
(136,258)
(136,258)
Balance at 31 December 2023
52,407
359,803
2,736,413
7,494,640
10,643,263
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
863,636
863,636
Dividends
14
-
-
-
(136,258)
(136,258)
Balance at 31 December 2024
52,407
359,803
2,736,413
8,222,018
11,370,641

The notes on pages 15-31 form part of these financial statements.

LEICESTER RACECOURSE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
257,467
1,240,299
Tax paid
(76,893)
(87,001)
Net cash inflow from operating activities
180,574
1,153,298
Investing activities
Purchase of tangible fixed assets
(80,392)
(148,764)
Purchase of fixed asset investments
(252,527)
(341,014)
Sale of tangible fixed assets
3,059
260
Sale of fixed asset investments
437,692
421,746
Interest received
176,140
107,031
Dividends received
249,627
252,794
Net cash generated from investing activities
533,599
292,053
Financing activities
Equity dividends paid
(126,562)
(126,562)
Net cash used in financing activities
(126,562)
(126,562)
Net increase in cash and cash equivalents
587,611
1,318,789
Cash and cash equivalents at beginning of year
3,607,223
2,288,434
Cash and cash equivalents at end of year
4,194,834
3,607,223

The notes on pages 15-31 form part of these financial statements.

LEICESTER RACECOURSE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Cash absorbed by group operations
2024
2023
£
£
(Loss)/profit for the financial year
931,589
724,840
Adjustments for:
Depreciation charges
312,591
352,075
Loss on disposal of tangible fixed assets
1,352
354
Loss on revaluation of fixed assets
-
0
-
0
Amounts written off/(back to) investment
(276,838)
(226,191)
Share of operating profit in associate
89,902
(99,294)
Amortisation of capital grants
(95,751)
(108,134)
(Profit)/loss on sale of investment
(38,699)
(13,833)
Capital grants utilised
-
241,742
Finance costs
9,399
13,578
Finance income
(468,957)
(389,401)
Taxation
195,772
65,973
660,360
561,709
Decrease in stocks
5,135
(12,602)
(Increase)/decrease in trade and other debtors
(350,062)
586,080
Increase in trade and other creditors
(57,966)
105,109
Cash generated from operations
257,467
1,240,296
2
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,607,223
587,611
4,194,834
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
3
Accounting policies
Company information

Leicester Racecourse Holdings Limited is a group, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

3.1
Basis of preparation

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” and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

3.2
Financial Reporting Standard 102 - reduced disclosure exemptions

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

3.3
Basis of consolidation

The consolidated statement of total comprehensive income and balance sheet include the financial statements of the company and its subsidiary made up to 31 December 2024 and the financial statements of its associate made up to 30 September 2024. Intra-group sales and profits are eliminated fully on consolidation.

3.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.5
Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

3.6
Turnover

Turnover represents income receivable (excluding VAT) on performance of the principal activities of the company of operating and managing racecourses, their facilities and media rights and is recognised in the period to which it relates. Rental from property assets and investment income is recognised on an accruals basis, net of VAT. Turnover is recognised only when it is probable that the company will receive the previously agreed upon payment and that this amount can be measured reliably.

LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 18 -
3.7
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
- 3% straight line
Racecourse buildings
- Between 2% and 10% straight line
Fixtures and fittings
- 10% to 20% reducing balance or 10% to 25% straight line
Motor vehicles
- 25% reducing balance

No depreciation is provided in respect of freehold land.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Statement of Comprehensive Income.

3.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the balance sheet date. Any surplus or deficit on revaluation is recognised in the profit and loss account.

3.9
Fixed asset investments

Investments in subsidiaries are initially measured at cost and subsequently measured as cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Comprehensive Income.

I nterests in associates are accounted under the equity method and initially recognised at cost and subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate. These amounts are taken from the audited financial statements of the undertaking concerned for the year ended 30 September 2024. Any capital grants receivable not included on the associate's audited balance sheet have the group's share accounted for in the consolidation in line with the group's accounting policy. Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separate net assets. Goodwill is amortised through the statement of total comprehensive income over the directors' estimate of its economic life of 10 years.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Listed fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Statement of Comprehensive Income.

Unlisted fixed asset investments are stated at cost less provision for diminution in value.

3.10
Stocks

Stock is valued at the lower of cost and net realisable value.

LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 19 -
3.11
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 matur e 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.

3.12
Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets

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.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price.

3.13
Taxation

The tax expense represents the sum of the tax currently payable, adjustments in respect of prior periods, and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

3.14
Retirement benefits

The group operates a defined contribution retirement benefit plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. The assets of the plan are held separately from the group in independently administered funds.

LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 20 -
3.15
Capital grants

The directors can elect to claim capital grants, known as Capital Credits, as an alternative to turnover from the HBLB. Grants are accounted for on a received and receivable basis. Grants received to fund capital expenditure are amortised to the profit and loss account over the expected useful life of the assets they are funding. Capital grants are on the balance sheet as the associated works have been performed and they are not repayable.

4
Judgements 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Media rights income

Part of the group's income from its media rights partner is calculated after the end of the financial year. The group uses its media rights partner's best estimates, although these can vary with time.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The annual amortisation charge for capital grants directly reflects the depreciation charge of such assets. See note 15 for the carrying amount of the property, fixtures, fittings and equipment, and note 3.7 for the useful economic lives for each class of assets.

Investment property valuation

As described in note 16 to the financial statements, investment properties are stated at fair value based on the valuation performed by the directors. The directors have used observable market prices adjusted as necessary for any difference in the location or condition of the specific asset. However, the recent rises in interest rates and inflation has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the investment property valuation at 31 December 2024.

5
Turnover

The turnover and profit before taxation are attributable to the principal activities of the group.

2024
2023
£
£
Turnover analysed by class of business
Race meetings & related income
4,596,081
4,126,831
Grants from HBLB
964,917
766,619
Non raceday
785,191
904,586
6,346,189
5,798,036
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Turnover
(Continued)
- 21 -

All turnover arises in the UK.

The directors have taken the decision to take £Nil (2023: £180,364) of the grants from the HBLB as capital grants to fund further developments.

6
Employees

The average number of employees during the year was as follows:

Group
2024
2023
Number
Number
Contracted staff
40
42
Casual staff (actual number of staff)
106
97
Total
146
139

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,352,027
1,303,033
54,863
54,500
Social security costs
105,107
99,920
-
-
Other pension costs
25,043
24,157
-
0
-
0
1,482,177
1,427,110
54,863
54,500
7
Directors' remuneration
2024
2023
£
£
Directors' remuneration
133,865
128,100
Directors' pension contributions to money purchase schemes
2,965
2,922
136,830
131,022

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4).

LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
8
Operating profit
2024
2023
£
£
The profit is stated after charging/(crediting):
Depreciation - owned tangible fixed assets
312,591
352,075
Loss on disposal of tangible fixed assets
1,352
354
Auditors' remuneration
14,700
20,750
Amortisation of capital grants
(127,233)
(139,617)
9
Interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
190,962
116,029
10
Profit on disposal of investments
2024
2023
£
£
Profit on disposals of investments - group
38,699
13,833
11
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans - associates
9,399
13,578
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax
150,000
146,914
Adjustment to prior years
(12,825)
17,712
Total current tax
137,175
164,626
Deferred tax - current year
58,597
(98,653)
Tax on profit/(loss)
195,772
65,973
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Taxation
(Continued)
- 23 -

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024
2023
£
£
Profit before tax
1,127,361
790,813
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
281,840
197,703
Effects of:
Adjustments to tax charge in respect of prior periods
(12,825)
17,712
Non-taxable transactions
(126,888)
(125,028)
Depreciation, amortisation & capital allowances
119,871
19,071
Tax losses
(68,815)
(45,259)
Other tax adjustments
2,589
1,774
Total tax charge
195,772
65,973
13
Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

14
Dividends
2024
2023
£
£
Ordinary shares of £1 each
136,258
136,258
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
15
Tangible fixed assets
Group
Freehold buildings
Racecourse buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
722,242
5,625,724
3,038,726
61,006
9,447,698
Additions
-
0
23,401
52,991
4,000
80,392
Disposals
(2,614)
-
0
(4,995)
(3,000)
(10,609)
At 31 December 2024
719,628
5,649,125
3,086,722
62,006
9,517,481
Depreciation and impairment
At 1 January 2024
221,970
2,999,157
2,117,798
37,714
5,376,639
Depreciation charged in the year
28,176
124,180
156,170
4,065
312,591
Eliminated in respect of disposals
(262)
-
0
(4,995)
(732)
(5,989)
At 31 December 2024
249,884
3,123,337
2,268,973
41,047
5,683,241
Carrying amount
At 31 December 2024
469,744
2,525,788
817,749
20,959
3,834,240
At 31 December 2023
500,272
2,626,567
920,928
23,292
4,071,059
Company
Freehold buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
840,219
592,368
1,432,587
Disposals
(2,614)
-
0
(2,614)
At 31 December 2024
837,605
592,368
1,429,973
Depreciation and impairment
At 1 January 2024
221,970
551,705
773,675
Depreciation charged in the year
28,176
29,412
57,588
Eliminated in respect of disposals
(262)
-
0
(262)
At 31 December 2024
249,884
581,117
831,001
Carrying amount
At 31 December 2024
587,721
11,251
598,972
At 31 December 2023
618,249
40,663
658,912
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
16
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
3,700,000
3,700,000

The investment properties have been valued by the directors on a fair value basis as required by FRS 102. Certain investment property have been valued by reference to either similar property sold in the immediate area or to property of a similar nature currently on the market. One item of investment property has been valued on the basis of the discounted future cashflows arising from the expected lease rentals. On a historical cost basis these properties would have been included at an original cost of £192,133 (2023: £192,133).

17
Fixed asset investments
Group
Interest in associate
Listed investments
Unlisted investments
Total
£
£
£
£
Cost or valuation
At 1 January 2024
2,353,700
3,768,755
15,338
6,137,793
Additions
-
252,527
-
252,527
Revaluations
-
259,298
-
259,298
Share of profit/(loss)
(31,309)
-
-
(31,309)
Movement in capital grants, less amortisation
26,285
-
-
26,285
Disposals
-
(398,893)
(100)
(398,993)
At 31 December 2024
2,348,676
3,881,687
15,238
6,245,601
Carrying amount
At 31 December 2024
2,348,676
3,881,687
15,238
6,245,601
At 31 December 2023
2,353,700
3,768,755
15,338
6,137,793
Interest in associate
Wetherby Steeplechase Committee Limited is a company incoprporated in England and Wales. The company's registered office address is The Racecourse, York Road, Wetherby, West Yorkshire, LS22 5EJ. The company acquired 24.24% of the issued share capital in Wetherby Steeplechase Committee Limited for consideration of £1,428,000 in 2005 with a further acquisition of 0.24% for consideration of £14,000 in 2007. After accounting for the fair value of net assets acquired of £1,212,799, goodwill of £229,271 arose on consolidation. The goodwill has been fully amortised.
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Fixed asset investments
(Continued)
- 26 -
Cost or valuation at 31 December 2024 is represented by:
Interest in associate
Listed investments
Unlisted investments
Total
£
£
£
£
Valuation in 2015
-
253,087
-
253,087
Valuation in 2016
-
147,094
-
147,094
Valuation in 2017
-
56,240
-
56,240
Valuation in 2018
-
(467,432)
-
(467,432)
Valuation in 2019
-
275,378
-
275,378
Valuation in 2020
-
(186,320)
-
(186,320)
Valuation in 2021
-
394,117
-
394,117
Valuation in 2022
-
(548,581)
-
(548,581)
Valuation in 2023
-
225,014
-
225,014
Valuation in 2024
-
259,297
-
259,297
Cost
2,348,676
3,473,793
15,238
5,837,707
2,348,676
3,881,687
15,238
6,245,601
Company
Share in group undertakings
Interest in associate
Listed investments
Unlisted investments
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
100
1,442,070
3,768,855
15,238
5,226,263
Additions
-
-
252,527
-
252,527
Revaluations
-
-
259,298
-
259,298
Disposals
-
-
(398,993)
-
(398,993)
At 31 December 2024
100
1,442,070
3,881,687
15,238
5,339,095
Carrying amount
At 31 December 2024
100
1,442,070
3,881,687
15,238
5,339,095
At 31 December 2023
100
1,442,070
3,768,855
15,238
5,226,263
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Fixed asset investments
(Continued)
- 27 -
Cost or valuation at 31 December 2024 is represented by:
Share in group undertakings
Interest in associate
Listed investments
Unlisted investments
Total
£
£
£
£
£
Valuation in 2015
-
-
253,087
-
253,087
Valuation in 2016
-
-
147,094
-
147,094
Valuation in 2017
-
-
56,240
-
56,240
Valuation in 2018
-
-
(467,432)
-
(467,432)
Valuation in 2019
-
-
275,378
-
275,378
Valuation in 2020
-
-
(186,320)
-
(186,320)
Valuation in 2021
-
-
394,117
-
394,117
Valuation in 2022
-
-
(548,581)
-
(548,581)
Valuation in 2023
-
-
225,014
-
225,014
Valuation in 2024
-
-
259,297
-
259,297
Cost
100
1,442,070
3,473,793
15,238
4,931,201
100
1,442,070
3,881,687
15,238
5,339,095
18
Subsidiaries

The group of the company's investments at the Balance Sheet date in the share capital of companies include the following:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Leicester Racecourse Co., Limited
The Racecourse, Leicester Road, Oadby, Leicester, LE2 4AL
Promotion of Race Meetings
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Leicester Racecourse Co., Limited
5,276,575
99,265
19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods
70,957
76,092
-
0
-
0
LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
541,832
500,208
18,743
12,967
Capital grants receivable
447,040
447,249
-
0
-
0
Amounts owed by group undertakings
-
-
2,354,204
1,946,120
Other debtors
34,554
939
34,554
939
Prepayments and accrued income
333,324
194,292
-
0
-
0
1,356,750
1,142,688
2,407,501
1,960,026
Amounts falling due after more than one year:
Other debtors
136,000
-
0
136,000
-
0
Total debtors
1,492,750
1,142,688
2,543,501
1,960,026
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
384,224
468,678
-
0
-
0
Tax
150,000
89,165
150,000
89,165
Social security and other taxes
105,222
97,248
14,574
10,717
Other creditors
117,293
114,943
112,228
109,878
Accruals and deferred income
348,403
332,239
66,338
70,975
1,105,142
1,102,273
343,140
280,735
22
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Equity instruments measured at cost less impairment
Listed investments
3,881,687
3,768,754
3,881,687
3,768,754

The above balances relate to the carrying amounts at the reporting date of financial instruments measured at fair value through the profit and loss. Financial instruments measured at amortised cost are not included.

LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Deferred tax liabilities
24
997,500
922,500
952,500
912,500
24
Deferred taxation
Group
Company
2024
2024
£
£
Balance at 1 January 2024
922,500
912,500
Charge to Statement of Comprehensive Income during year
75,000
40,000
Liability at 31 December 2024
997,500
952,500

It is not sensible to estimate the movement in deferred tax for the following period, as the most significant element is calculation of the FRS 102 adjustment for the revaluation of listed investments. A reasonable estimate for future values of the listed investments is not a sensible exercise.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
52,407
52,407
52,407
52,407

There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. Each share is entitled to one vote in any circumstances.

26
Reserves
Share premium

Share premium account represents amounts paid in excess of share cost price.

Revaluation reserve

The fair value reserve comprises fair value gains on investment property less the deferred tax on those gains.

Retained earnings

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

27
Retirement benefit schemes

Contributions totalling £4,979 (2023 - £5,065) were due at the balance sheet date.

LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
28
Related party transactions

During the year, a total of key management personnel compensation of £211,853 (2023 - £216,330) was paid.

29
Capital grants
Grants receivable
Grants received
Amortisation
Total
£
£
£
£
Balance at 1 January 2024
590,409
5,698,451
(3,206,370)
3,082,490
Capital grants adjustment - subsidiary
(209)
-
-
(209)
Capital grants claimed - associate
57,769
-
-
57,769
Amortisation in the year - subsidiary
-
-
(95,751)
(95,751)
Amortisation in the year - associate
-
-
(31,482)
(31,482)
Balance at 31 December 2024
647,969
5,698,451
(3,333,603)
3,012,817
30
Operating lease commitments

Minimum lease receipts fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
239,302
255,118
377,702
377,918
Between two and five years
753,040
753,040
753,040
753,040
In over five years
554,444
742,704
554,444
742,704
1,546,786
1,750,862
1,685,186
1,873,662

Operating lease receipts represent rentals receivable to the group and company for its land and buildings.

31
Prior period adjustment

The directors have identified that certain property held by the company, previously included within tangible fixed assets, should be accounted for as investment property on the basis that they are held by the company to earn rentals. The revised accounting treatment has been applied retrospectively as per FRS102 Section 10 and the opening reserves at 1 January 2023 amended accordingly.

LEICESTER RACECOURSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
31
Prior period adjustment
(Continued)
- 31 -
Reconciliation of changes in equity - group
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Tangible fixed assets
(51,087)
(51,087)
Investment property
3,700,000
3,700,000
Provision for liabilities
(912,500)
(912,500)
Total adjustments
2,736,413
2,736,413
Equity as previously reported
13,276,484
13,973,669
Equity as adjusted
16,012,897
16,710,082
Analysis of the effect upon equity
Revaluation reserve
2,736,413
2,736,413
Reconciliation of changes in equity - company
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Tangible fixed assets
(51,087)
(51,087)
Investment property
3,700,000
3,700,000
Provision for liabilities
(912,500)
(912,500)
Total adjustments
2,736,413
2,736,413
Equity as previously reported
7,253,947
7,906,850
Equity as adjusted
9,990,360
10,643,263
Analysis of the effect upon equity
Revaluation reserve
2,736,413
2,736,413
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