The Bibury Club Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 11

The Bibury Club Limited

Balance Sheet

31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	6	2,135,531	2,214,303
Other financial assets	7	40,501	566,547
		2,176,032	2,780,850
Current assets
Stocks	8	20,797	18,695
Debtors	9	303,572	390,070
Other financial assets	7	465,122	451,336
Cash at bank and in hand		1,163,280	445,728
		1,952,771	1,305,829
Creditors: Amounts falling due within one year	10	(343,565)	(386,926)
Net current assets		1,609,206	918,903
Total assets less current liabilities		3,785,238	3,699,753
Creditors: Amounts falling due after more than one year	10	(1,210,543)	(1,247,475)
Provisions for liabilities	14	(101,971)	(98,524)
Net assets		2,472,724	2,353,754
Capital and reserves
Called up share capital	15	245,564	245,564
Profit and loss account		2,227,160	2,108,190
Shareholders' funds		2,472,724	2,353,754

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 April 2026 and signed on its behalf by:
 

......................................... Lord Margadale of Islay Chairman

Company Registration Number: 02571569

The Bibury Club Limited

Notes to the Financial Statements

Year Ended 31 December 2025

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:
Salisbury Racecourse
Netherhampton
Salisbury
Wiltshire
SP2 8PN

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

Activity levels in the 2026 racing season are anticipated to be broadly consistent with 2025 with 15
race meetings scheduled, which will inevitably bring similar challenges and implications for the
operational and financial performance of the business. Against this background, the board has
approved a comprehensive budget and cash flow forecast compiled by the executive team, which
predicts that the company will operate profitably in 2026. Sufficient financial resources are available to
cover any potential downturn in media rights income and there is in-built resilience in the event of
abandonments. Performance compared with this budget will be monitored regularly.

The directors have therefore taken all possible steps to ensure that the company will continue to have access to sufficient financial resources to enable it to meet its liabilities as they fall due for the foreseeable future, being not less than one year from the date on which these financial statements were signed.

The financial statements have therefore been drawn up on the going concern basis, which assumes that this will be the case.

The Bibury Club Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Judgements

Investments are classified as fixed assets if, at the point of acquisition, the directors intend to hold the assets for a period in excess of one year. Other investments are classified as current.

Key sources of estimation uncertainty

Valuation of investments - current asset investments that are listed on a recognised stock exchange are valued at open market value, which is provided by investment portfolio managers. The directors consider this to be equal to the fair value of the investment. The carrying amount is £465,122 (2024 -£451,336).

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised when goods, services and facilities have been delivered to the customer on the date of the event. Annual subscriptions and licence fee income is accrued for over the period to which it relates.

Other grants

Horserace Betting Levy Board
Fixture fee income
The racecourse has entitlement to fixture fee income from the Horserace Betting Levy Board (HBLB) for each race meeting held. The option to receive this income is at the discretion of the directors. lf it is decided that the fixture fee will be taken it is recognised as income at the date of the race day to which it relates.

Fixture fees that are waived are not recognised as income and are transferred by the HBLB to their own internal account known as a capital credits account. The company does not have legal title to the balance on the capital credits account and therefore the balance is not shown on the balance sheet.

Capital credits
The company can apply to the HBLB for a discretionary capital grant up to the limit on its capital credits account.

Capital credits received from the HBLB to finance capital expenditure are treated as deferred income and released to the profit and loss account over the useful economic life of the related asset.

Capital credits used to finance revenue expenditure, such as redecoration, are netted off against such expenditure in the profit and loss account. The capital credit is recognised once the grant has been awarded to the company. lf this grant has not been received in full by the year end then the balance to be received is included in accrued income.

The Bibury Club Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Tax

Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Freehold and leasehold land and buildings	4% per annum straight line on freehold buildings, and remaining term of leasehold property
Plant and machinery	20% per annum straight line
Motor vehicles	25% per annum reducing balance
Properties under construction	No depreciation is charged until the asset is available for use

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 comprises purchase price. 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.

The Bibury Club Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

The Bibury Club Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Fixed and current asset investments.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for current asset investments, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

For current asset investments listed on a recognised stock exchange these are initially recognised at cost and are subsequently carried at fair value, which is equal to the market value.

For fixed asset investments these are carried at historic cost less impairment as no reliable estimate of open market value is available.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 58 (2024 - 55).

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2025 £	2024 £
Rental income	11,850	18,942
Fair value movement in investments	15,740	88,750
Other income	25,942	18,172
	53,532	125,864

The Bibury Club Limited

Notes to the Financial Statements

Year Ended 31 December 2025

5

Taxation

Tax charged/(credited) in the profit and loss account

	2025  £	2024  £
Current taxation
UK corporation tax	1,940	-
UK corporation tax adjustment to prior periods	-	(51,063)
	1,940	(51,063)
Deferred taxation
Arising from origination and reversal of timing differences	3,447	16,928
Tax expense/(receipt) in the income statement	5,387	(34,135)

6	Tangible assets

	Land and buildings £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2025	4,148,612	69,233	1,824,528	6,042,373
Additions	-	29,255	104,871	134,126
Disposals	-	(38,000)	(23,769)	(61,769)
At 31 December 2025	4,148,612	60,488	1,905,630	6,114,730
Depreciation
At 1 January 2025	2,132,828	49,413	1,645,829	3,828,070
Charge for the year	144,528	4,388	51,959	200,875
Eliminated on disposal	-	(25,977)	(23,769)	(49,746)
At 31 December 2025	2,277,356	27,824	1,674,019	3,979,199
Carrying amount
At 31 December 2025	1,871,256	32,664	231,611	2,135,531
At 31 December 2024	2,015,784	19,820	178,699	2,214,303

Included within the net book value of land and buildings above is £151,577 (2024 - £152,410) in respect of freehold land and buildings and £1,719,679 (2024 - £1,863,374) in respect of short leasehold land and buildings.
 

The Bibury Club Limited

Notes to the Financial Statements

Year Ended 31 December 2025

7	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost
At 1 January 2025	638,756	638,756
Revaluations	5,150	5,150
Transfers	(531,196)	(531,196)
At 31 December 2025	112,710	112,710
Impairment
At 1 January 2025	72,209	72,209
At 31 December 2025	72,209	72,209
Carrying amount
At 31 December 2025	40,501	40,501
At 31 December 2024	566,547	566,547

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Carrying amount
At 31 December 2025	465,122	465,122