|
Registered number: 06740544
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 06740544
BALANCE SHEET
AS AT 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 September 2026.
The notes on pages 2 to 16 form part of these financial statements.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Greyhound Board of Great Britain ("the Company") is the governing, administrative and regulatory authority for licensed greyhound racing in Great Britain. The Company is limited by guarantee and incorporated in England and Wales. The address of the registered office is 1 Knightrider Court, London, EC4V 5BJ.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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 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 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:
The directors have considered the ability of the Company to continue as a Going Concern. In making their assessment the directors have prepared and critically reviewed the Company's cash flow forecast for the next 12 months and ensured that this forecast is modelled on a suitably cautious basis.
Based on these assessments the directors have concluded that the Company has adequate resources to continue in existence for the forseeable future as a Going Concern and accordingly these financial statements have been prepared on that basis.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The Company had a number of revenue streams during the year, all of which are described below.
Transmission licence fees are based on the number of races transmitted on the BAGS services, SIS services, Racing Post TV, and Sky Sports. Schedules of the number of races transmitted are received by the Company on a monthly basis and invoices are raised in the month of transmission. Track licence fees are fixed fees and are invoiced to all Greyhound tracks on a monthly basis.
Trainer licence fees and greyhound registration fees are invoiced by the Company in advance of the service being provided and an appropriate adjustment is made to account for these fees in the correct accounting period.
Fines from conduct and disciplinary hearings are recognised when received.
Grant income is received from the British Greyhound Racing Limited on a monthly basis, and is based on a budget agreed between the two parties at the start of each financial year. Income is matched against expenses incurred on behalf of the British Greyhound Racing Fund Limited.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
|
|
|
|
|
Website and systems development
|
|
|
|
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.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
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 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.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
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.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Greyhound retirement scheme
|
The company operates a scheme, the greyhound retirement scheme ("GRS"), which contributes to rehoming costs of greyhounds upon retirement. Owners of the greyhound are required to contribute a fixed amount to the GRS upon registration of their greyhound. The company will match the contribution of the fixed amount. Any amounts held in the GRS bond account in excess of what is required to pay all bonded dogs can be used to fund other areas within the BGRF budget.
The contributions are maintained by the company and held as cash within the financial statements. Contributions due for greyhounds not rehomed at the balance sheet date are held as an other creditor within the financial statements.
|
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
Interest income is recognised in profit or loss using the effective interest method.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgements in applying the entity's accounting policies
Judgement was required in assessing whether legal proceedings involving the company gave rise to a present obligation at 31 December 2025 and whether a provision should be recognised in the financial statements.
Having considered the facts and circumstances existing at the reporting date and information available up to the date of approval of the financial statements, the directors concluded that no present obligation existed at 31 December 2025 and therefore no provision has been recognised.
Further details of the related event occurring after the reporting date are set out in Note 15.
Critical accounting estimates and assumptions
(i) 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 resdiual 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 7 for the carrying amount of the property plant and equipment, and note 2.5 for the useful economic lives for each class of assets.
(ii) Taxation
The Company estabilishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 5.
The average monthly number of employees, including directors, during the year was 47 (2024 - 46).
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Website and systems development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company is limited by guarantee and therefore has no share capital. Member guarantors number two, each of whom has agreed to contribute a maximum of £100 in the event of winding-up their membership, or within one year of their ceasing to be a member.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the funds in respect of the year.
The assets of the scheme are held separately from those of the Company in independently managed funds. There were no outstanding contributions to the scheme at the year end (2024 - £Nil). The pension charge for the year amounted to £217,776 (2024 - £185,456).
|
|
Commitments under operating leases
|
|
|
At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Related party transactions
|
|
|
D Baldwin is a director of Nottingham Greyhound Stadium Limited, Central Park Limited, Newcastle Greyhound Racing Limited, Perry Barr Racing Limited, Sunderland Greyhound Racing Limited and is the greyhound operations director (non-statutory director) for Arena Racing Company Limited. During the year, licence fees of £587,519 (2024 - £544,015) have been charged to these companies. At the year end, £115,722 (2024 - £92,780) is due from them. Payments of £42,173 (2024 - £38,250) have been made to these companies. At the year end, £Nil (2024 - Nil) is due to them.
K Sanzone is a director of The Grange Club (Birtley) Limited. During the year, licence fees of £49,350 (2024 - £24,035) have been charged to this company. At the year end, £30,199 (2024 - £5,717) is due from them. Payments of £10,063 (2024 - £10,000) have been made to this company during the year. At the year end, £Nil (2024 - £Nil) is due to them.
W Glass was a director of The Greyhound Board of Great Britain until 6 February 2025 and is a director of Gaming International Limited. During the period from 1 January 2025 to 6 February 2025, licence fees of £8,925 (2024 - £105,286) were charged to Gaming International Limited. Payments of £1,500 (2024 - £12,104) were made to Gaming International Limited during this period.
S Franklin is a director of Norfolk Greyhound Racing Company Limited. During the year, licence fees of £96,556 (2024 - £79,852) have been charged to this company. At the year end, £33,963 (2024 - £28,309) is due from them. Payments of £3,000 (2024 - £19,000) have been made to this company during the year. At the year end, £Nil (2024 - £Nil) is due to them.
K Bennison is a director of Harlow Town Greyhound Entertainment Limited. During the year, licence fees of £252,744 (2024 - £234,041) have been charged to this company. At the year end, £57,862 (2024 - £54,202) is due from them. Payments of £14,706 (2024 - £Nil) have been made to this company during the year. At the year end, £Nil (2024 - £Nil) is due to them.
S Franklin, D Baldwin, K Bennison and K Sanzone are directors of The British Greyhound Racing Fund Limited. During the year, grants of £3,378,044 (2024 - £5,695,927) have been provided by The British Racing Fund Limited.
|
|
|
Post balance sheet events
|
During the year, the company commenced judicial review proceedings in relation to the Welsh Government's decision to prohibit greyhound racing in Wales.
Subsequent to the reporting date, on 20 March 2026, judgment was handed down and the company's claim was unsuccessful. The company was ordered to pay certain legal costs with an expected net costs to GBGB of approximately £100,000.
The directors have considered the requirements of FRS 102 Sections 21 and 32 and concluded that, at 31 December 2025, no present obligation existed in respect of these costs. Accordingly, the judgment and associated costs order have been treated as a non-adjusting event after the reporting period and no provision has been recognised in these financial statements.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 15 September 2026 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
|
|
THE GREYHOUND BOARD OF GREAT BRITAIN LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|