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Company Registration number: 13760050

Lovell Brothers Limited
Unaudited Financial Statements
for the Year Ended 30 November 2025

Lovell Brothers Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 9

Lovell Brothers Limited

(Registration number: 13760050)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 788,438 | 714,538
Tangible assets | 5 | 37,243 | 28,787
|  | 825,681 | 743,325
Current assets |  |  |
Debtors | 6 | 143,561 | 718,763
Cash at bank and in hand |  | 735,763 | 1,017,552
|  | 879,324 | 1,736,315
Creditors: Amounts falling due within one year | 7 | (825,143) | (1,520,767)
Net current assets |  | 54,181 | 215,548
Total assets less current liabilities |  | 879,862 | 958,873
Provisions for liabilities |  | (28,811) | (32,697)
Net assets |  | 851,051 | 926,176
Capital and reserves |  |  |
Called up share capital | 8 | 200 | 200
Share premium reserve |  | 149,970 | 149,970
Retained earnings |  | 700,881 | 776,006
Shareholders' funds |  | 851,051 | 926,176

Lovell Brothers Limited

(Registration number: 13760050)
Balance Sheet as at 30 November 2025

For the financial year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 August 2026 and signed on its behalf by:

......................................... Mr J J L Lovell Director | ......................................... Mr D E Lovell Director |

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
2 Alexandra Gate
Fford Pengam
Cardiff
CF24 2SA

These financial statements were authorised for issue by the Board on 19 August 2026.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received. The fair value of revenue is total amounts wagered less payouts on sportsbook betting and online gaming.
Turnover is recognised under an exchange transaction with a customer when and to the extent that the business obtains the rights to consideration in exchange for its performance.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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
Office equipment | 25% on cost
Plant and machinery | 25% on cost

Intangible assets

Intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Website development costs | 20% on cost
Racecourse pitches | Over the term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2024 - 10).

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

4 | Intangible assets

| Website development costs £ | Racecourse pitches £ | Total £
Cost or valuation
At 1 December 2024 | 120,000 | 640,393 | 760,393
Additions acquired separately | - | 131,568 | 131,568
At 30 November 2025 | 120,000 | 771,961 | 891,961
Amortisation
At 1 December 2024 | 18,000 | 27,855 | 45,855
Amortisation charge | 24,000 | 33,668 | 57,668
At 30 November 2025 | 42,000 | 61,523 | 103,523
Carrying amount
At 30 November 2025 | 78,000 | 710,438 | 788,438
At 30 November 2024 | 102,000 | 612,538 | 714,538

5 | Tangible assets

| Plant and machinery £ | Office equipment £ | Total £
Cost or valuation
At 1 December 2024 | 2,412 | 33,188 | 35,600
Additions | 11,195 | 9,404 | 20,599
At 30 November 2025 | 13,607 | 42,592 | 56,199
Depreciation
At 1 December 2024 | 246 | 6,567 | 6,813
Charge for the year | 2,469 | 9,674 | 12,143
At 30 November 2025 | 2,715 | 16,241 | 18,956
Carrying amount
At 30 November 2025 | 10,892 | 26,351 | 37,243
At 30 November 2024 | 2,166 | 26,621 | 28,787

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 9,929 | 157,847
Prepayments | 83,325 | 44,089
Other debtors | 50,307 | 516,827
| 143,561 | 718,763

Details of non-current trade and other debtors

£Nil (2024 -£500,000) of other debtors is a related party loan which is classified as non current.

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 136,799 | 153,169
Taxation and social security | - | 373,400
Accruals and deferred income | 209,864 | 374,993
Other creditors | 478,480 | 619,205
| 825,143 | 1,520,767

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £0.10 each | 2,000 | 200 | 2,000 | 200

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

9 | Related party transactions

Amounts owing to/(from) the directors

2025 | At 1 December 2024 £ | Advances to director £ | Repayments by director £ | At 30 November 2025 £
Interest free, unsecured and repayable upon demand | 33,659 | (16,288) | 34,844 | 52,215

2024 | At 1 December 2023 £ | Advances to director £ | Repayments by director £ | At 30 November 2024 £
Interest free, unsecured and repayable upon demand | 125,314 | (439,135) | 347,479 | 33,659

Loans to related parties

2025 | Other related parties £ | Total £
At start of period | 515,627 | 515,627
Advanced | 81,626 | 81,626
Repaid | (566,328) | (566,328)
Interest transactions | 8,329 | 8,329
At end of period | 39,254 | 39,254

2024 | Other related parties £ | Total £
Advanced | 513,176 | 513,176
Repaid | (1,261) | (1,261)
Interest transactions | 3,712 | 3,712
At end of period | 515,627 | 515,627

Terms of loans to related parties

An unsecured loan of £500,000 was advanced to DragonBet Limited, in the prior year. Interest was charged at 2.25% per annum and was payable quarterly in arrears. At the year end, an amount of £535 (2024: £515,627) remained owing to the company by DragonBet Limited.
During the year, a further unsecured loan of £38,719 (2024: £nil) was advanced to JDL Racing Limited. The loan was interest free and repayable on demand. At the year end, the amount outstanding and owing to the company by JDL Racing Limited was £38,719 (2024: £nil).

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Loans from related parties

2025 | Other related parties £ | Total £
Advanced | 45,000 | 45,000
At end of period | 45,000 | 45,000

Terms of loans from related parties

During the year unsecured loans were made by a shareholder amounting to £15,000 and James John Lovell Ltd, amounting to £30,000. These balances were interest free and repayable upon demand.

10 | Non adjusting events after the financial period

On 13 May 2026, the Company discontinued its online betting platform, Gentleman Jim. The Company has continued to trade through its on-course betting operations, which remains an ongoing part of the Company’s business.