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Registered number: 00862851
FAKENHAM RACECOURSE LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FAKENHAM RACECOURSE LIMITED
COMPANY INFORMATION
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J S R Bloom (appointed 20 January 2026)
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R E Q Gurney (appointed 5 February 2026)
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D Payne (resigned 1 February 2026)
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S O Wesley-Key (resigned 1 February 2026)
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FAKENHAM RACECOURSE LIMITED
CONTENTS
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Statement of income and retained earnings
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Notes to the financial statements
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FAKENHAM RACECOURSE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
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The directors are responsible for preparing 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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FAKENHAM RACECOURSE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year, Fakenham Racecourse successfully delivered all 11 scheduled race meetings, with no cancellations due to weather or other factors. Notably, the January meeting received national exposure, with two races broadcast on ITV, helping to raise the profile of the Racecourse.
Across the wider industry, British Racing continued to face significant financial pressures throughout 2025. The sector awaited the publication of both the Government’s Gambling Review White Paper and the Gambling Commission’s own review, creating ongoing uncertainty. In response to proposals affecting the sport, British Racing launched its Scrap The Racing Tax campaign, which successfully persuaded the Government not to increase online betting taxes specific to racing in the November Budget. However, tax rises imposed on other sports and the broader online gaming industry adversely impacted racing indirectly, as bookmakers continued to scale back sponsorship commitments. Meanwhile, unregulated black-market betting activity continued to grow, compounding the difficult operating environment.
Despite these challenges, Fakenham Racecourse maintained its commitment to investing in prize money, remaining the only racecourse in the UK to charge zero entry fees across all races. The Racecourse also continued its distinctive Double Up Bonus Scheme, offering £1,000 to each set of owners and a further £1,000 to the winning trainer when two or more winners are achieved on the same card. In 2025, the Racecourse paid out £25,000 in bonuses under this initiative, reinforcing its support for owners, trainers, and the sport’s competitiveness.
The Racecourse’s ground-mounted solar array again delivered strong performance, achieving a reduction of £30,000 in heat and light costs compared with 2024. This continues to support the Racecourse’s long-term sustainability strategy and reduces reliance on conventional energy sources.
Income from the caravan site showed promising results in the first quarter; however, bookings reduced during the summer months. It is believed that the hot weather deterred visitors from staying in tents or caravans during peak temperatures.
In December, the Company invested in the development of a secure dog-walking field, with the facility scheduled to open in February 2026. This diversification aims to strengthen off-season and non-racing revenue streams.
The directors who served during the year were:
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FAKENHAM RACECOURSE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
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The Directors review any significant risks to the business on a periodic basis.
One of the key concerns for the Company at present is the impact of an increase in cost of living on disposable income, potentially resulting in reduced spend on Racing attendance and betting income, as well as holiday spend.
The much delayed UK Government’s gambling review and White Paper still causes much concern to the racing industry. The review brings a risk that bookmaker companies might be forced to implement draconian and invasive affordability checks on their customers to protect those who are vulnerable to problem gambling. If implemented, those checks could vastly reduce the income into racing from Media Rights and Levy Board payments. This in turn could significantly reduce the income into the Racecourse company.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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C L Farrow
Secretary
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FAKENHAM RACECOURSE LIMITED
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT
TO THE DIRECTORS OF FAKENHAM RACECOURSE LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2025
We have reviewed the financial statements of Fakenham Racecourse Limited for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
Directors' Responsibility for the Financial Statements
As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' Responsibility
Our objective is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.
Scope of the Assurance Review
A review of the financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.
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FAKENHAM RACECOURSE LIMITED
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT
TO THE DIRECTORS OF FAKENHAM RACECOURSE LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
∙so as to give a true and fair view of the state of the Company's affairs as at 31 December 2025, and of its loss for the year then ended;
∙in accordance with United Kingdom Generally Accepted Accounting Practice and
∙in accordance with the requirements of the Companies Act 2006.
Use of our report
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 24 April 2023. Our review work has been undertaken so that we might state to the Company's directors those matters that we have agreed to state to them in a reviewer's report 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 directors, as a body, for our review work, for this report or the conclusions we have formed.
Larking Gowen LLP
Chartered Accountants
Summerhill House
1 Sculthorpe Road
Fakenham
NR21 9HA
16 July 2026
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FAKENHAM RACECOURSE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest receivable and similar income
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Retained earnings at the beginning of the year
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Dividends declared and paid
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Retained earnings at the end of the year
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The notes on pages 9 to 17 form part of these financial statements.
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FAKENHAM RACECOURSE LIMITED
REGISTERED NUMBER: 00862851
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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FAKENHAM RACECOURSE LIMITED
REGISTERED NUMBER: 00862851
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S R Bullard
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I P Mason
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The notes on pages 9 to 17 form part of these financial statements.
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Fakenham Racecourse Limited is a private company limited by shares and incorporated in England, registration number 00862851. The registered office is The Racecourse, Fakenham, Norfolk, NR21 7NY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover comprises race incentive fees, sponsorship, admission and memberships, media income, commission on betting, catering, income generated from hire of the premises and caravan income.
Turnover excludes value added tax, and is derived from operations in the United Kingdom.
Membership fee income is recognised on a straight line basis over the life of the underlying subscription contract.
The Directors have considered the current financial strength of the Company, together with the operational strategy and continue to be positive on the outlook for the business.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to meet its working capital requirement and continue in operational existence for the foreseeable future. As part of this review, the Directors have considered the overall cash position of the Company.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Interest income is recognised in the statement of comprehensive income using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Grants are accounted for under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
The Horserace Betting Levy Board (HBLB) provides funding to racecourses which is used to support racing activities. Grants are earned from racing on a fixture-by-fixture basis. Racecourses may elect to waive the income in favour of a transfer to a capital credits account to be used, at the HBLB's discretion, against expenditure on HBLB approved capital projects.
Capital grants received from the HBLB in respect of capital expenditure are accounted for as follows.
Capital grants received are taken to the Grant Account. Credits are made to the Statement of Comprehensive Income by equal annual installments that match the period over which the relevant fixed assets are depreciated.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Included in Freehold property are Prince of Wales stand refurbishment costs with a net book value of £236,683 (2024: £266,268), which are being depreciated on a straight line over the remaining estimated useful economic life of 25 years. There were 8 years remaining as at 31 December 2025.
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in statement of comprehensive income.
Short term debtors are measured at transaction price, less impairment.
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Cash and cash equivalents
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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 mature 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:
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. See Note 5 for the carrying amount of the property, plant and equipment, and Note 2.9 for the useful economic lives for each class of assets.
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The average monthly number of employees, including the directors, during the year was as follows:
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The Company uses casual labour for each race meeting, of which the average was 82 (2024: 72).
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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The freehold land and buildings owned by the Company are included in land and buildings at the net book value. In the opinion of the directors, the open market value of the freehold land and buildings is not less than the net book value.
Included in the land and buildings is freehold land at cost of £31,441 (2024: £31,441) which is not depreciated.
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Deferred membership income
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Other taxation and social security
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Accruals and deferred income
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Short tem timing differences
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Allotted, called up and fully paid
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100 (2024 - 100) Ordinary shares shares of £1.00 each
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Amortisation credit to profit and loss
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The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,081 (2024: £15,921). Contributions totaling £1,041 (2024: £1,131) were payable to the fund at the balance sheet date.
No commitments were entered into at 31 December 2025.
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FAKENHAM RACECOURSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The Company occupies an area of land under the terms of a 12 year lease which expires on 31 May 2036. The rent payable under the terms of the lease is subject to review every three years from the date of commencement.
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Related party transactions
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The following related party transactions occurred during the year:
During the year the Company paid a dividend of £1,500 (2024: £1,500) to West Norfolk Sporting Trust Limited.
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