Norfolk Greyhound Racing Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00338187 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2025

for

Norfolk Greyhound Racing Company Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Simon Franklin

Justin Franklin

Pamela Franklin

Stephen Franklin

SECRETARY:

Stephen Franklin

REGISTERED OFFICE:

Yarmouth Stadium

Yarmouth Road

Caister on Sea

Great Yarmouth

NR30 5TE

REGISTERED NUMBER:

00338187 (England and Wales)

ACCOUNTANTS:

JDC Chartered Accountants and Business Advisors

Dencora Court

2 Meridian Way

Norwich

Norfolk

NR7 0TA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Greyhound Racing Company Limited for the year ended 31 January 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Norfolk Greyhound Racing Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Greyhound Racing Company Limited and state those matters that we have agreed to state to the Board of Directors of Norfolk Greyhound Racing Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Greyhound Racing Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Norfolk Greyhound Racing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Norfolk Greyhound Racing Company Limited. You consider that Norfolk Greyhound Racing Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Norfolk Greyhound Racing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

JDC Chartered Accountants and Business Advisors

Dencora Court

2 Meridian Way

Norwich

Norfolk

NR7 0TA

29 October 2025

FIXED ASSETS

Tangible assets

4

3,143,960

3,223,192

CURRENT ASSETS

Stocks

21,925

22,298

Debtors

5

405,559

457,722

Cash at bank and in hand

15,671

133,257

443,155

613,277

CREDITORS

Amounts falling due within one year

6

1,124,392

973,114

NET CURRENT LIABILITIES

(681,237

)

(359,837

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,462,723

2,863,355

CREDITORS

Amounts falling due after more than one
year

7

(234,452

)

(429,684

)

PROVISIONS FOR LIABILITIES

(181,528

)

(205,478

)

NET ASSETS

2,046,743

2,228,193

CAPITAL AND RESERVES

Called up share capital

24,000

Fair value reserve

9

396,903

Retained earnings

1,625,840

1,807,290

SHAREHOLDERS' FUNDS

2,046,743

2,228,193

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 profit or loss 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 21 October 2025 and were signed on its behalf by:

Simon Franklin - Director

Justin Franklin - Director

1.	STATUTORY INFORMATION

Norfolk Greyhound Racing Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is recognised by the company in respect of goods and services, supplied at the point of delivery or performance, exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

5% on cost and 2% on cost

Plant and machinery etc

-

20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Improvements to fixed assets are net of contributions received from non-government bodies towards these costs.

Freehold land is not depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Cash on short term deposit is classified as a current asset investment if it is not instantly accessible.

Grants

Government grants in respect of fixed assets are treated as deferred income and credited to the profit and loss account over the expected useful economic life of the relevant asset. Other grants considered to be contributions towards the cost of certain fixed assets are netted off against the cost of the asset.

Grants received as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised in income in the period in which it becomes receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2024 - 85 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 February 2024

3,738,628

2,037,850

5,776,478

Additions

24,017

11,186

35,203

At 31 January 2025

3,762,645

2,049,036

5,811,681

DEPRECIATION

At 1 February 2024

867,830

1,685,456

2,553,286

Charge for year

55,220

59,215

114,435

At 31 January 2025

923,050

1,744,671

2,667,721

NET BOOK VALUE

At 31 January 2025

2,839,595

304,365

3,143,960

At 31 January 2024

2,870,798

352,394

3,223,192

Included in cost of land and buildings is freehold land of £ 1,124,352 (2024 - £ 1,124,352 ) which is not depreciated.

5.

DEBTORS

31.1.25

31.1.24

£

Amounts falling due within one year:

Trade debtors

195,062

216,684

Other debtors

208,191

238,732

403,253

455,416

Amounts falling due after more than one year:

Other debtors

2,306

Aggregate amounts

405,559

457,722

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

Bank loans and overdrafts

497,132

153,673

Hire purchase contracts

24,895

Trade creditors

133,112

343,219

Taxation and social security

120,244

110,126

Other creditors

349,009

341,201

1,124,392

973,114

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.1.25

31.1.24

£

Bank loans

107,052

273,659

Hire purchase contracts

24,001

48,896

Other creditors

103,399

107,129

234,452

429,684

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.25

31.1.24

£

Hire purchase contracts

48,896

73,791

Bank loans

271,350

427,332

320,246

501,123

The bank loans are secured by way of a charge over the freehold property and other assets of the company.

Liabilities in respect of hire purchase are secured over the assets to which they relate.

9.

RESERVES

Fair

value

reserve

£

At 1 February 2024

and 31 January 2025

396,903

10.	CONTINGENT LIABILITIES

The company has received grant income for fixtures and fittings, track improvements and property repairs from the British Greyhound Racing Fund Limited during the past 5 years. The grant will fall repayable by the company principally if the stadium is disposed of or the assets ceased to be used in the trade within 5 years from 31 December in which the grant is received. The amount repayable will decrease by 20% increments each year to the five year expiry term. As at 31 January 2025 the contingent liability totalled £38,300 (2024 - £39,430).

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024:

31.1.25

31.1.24

£

Justin Franklin

Balance outstanding at start of year

11,860

7,294

Amounts advanced

66,304

71,421

Amounts repaid

(75,589

)

(66,855

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

2,575

11,860

Simon Franklin

Balance outstanding at start of year

10,067

3,047

Amounts advanced

74,867

81,324

Amounts repaid

(80,828

)

(74,304

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

4,106

10,067

During the year, S Franklin and J Franklin were charged interest on their overdrawn directors' loan balances at a rate of 2.25% (2024: 2.25%), amounting to £43 (2024: £nil) and £51 (2024: £110) respectively. These loans are unsecured and repayable on demand.