Down Royal Park Racecourse Limited iXBRL

Down Royal Park Racecourse Limited

Financial Statements

for the financial year ended 31 December 2025

Down Royal Park Racecourse Limited

Company Registration Number: NI653169

BALANCE SHEET

as at 31 December 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets

784,716

837,994

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Current Assets

Debtors

303,061

359,935

Cash and cash equivalents

224,303

341,279

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527,364

701,214

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Creditors: amounts falling due within one year

(1,419,081)

(1,494,488)

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Net Current Liabilities

(891,717)

(793,274)

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Total Assets less Current Liabilities

(107,001)

44,720

Government grants

(206,194)

(234,166)

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Net Liabilities

(313,195)

(189,446)

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Capital and Reserves

Called up share capital

Retained earnings

(313,196)

(189,447)

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Equity attributable to owners of the company

(313,195)

(189,446)

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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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

Approved by the Board and authorised for issue on 20 April 2026 and signed on its behalf by



Robert Conan
Director

Down Royal Park Racecourse Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2025

General Information

Down Royal Park Racecourse Limited is a private company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI653169. The registered office of the company is Down Royal Racecourse, Gravelhill Road, Maze, Lisburn, BT27 5RW, which is also the principal place of business. The company continued during the year in the business of operating a racetrack at Down Royal, Lisburn, Co. Antrim. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 December 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods and services supplied by the company, exclusive of trade discounts and value added tax.

Intangible assets

Other Intangible Assets

Other Intangible Assets are valued at cost less accumulated amortisation.

Intellectual Property

Intellectual Property is valued at cost less accumulated amortisation.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Leasehold Improvements

Over period of lease

Racecourse Machinery and Equipment

20% Straight line

Fixtures, fittings and equipment

20% / 33% Straight line

Racetrack Improvements

10% / 20% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

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.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future.Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Government grants

Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Period of financial statements

The comparative figures relate to the 8 month period ended 31 December 2024.

Going concern

The company incurred a loss for the year of £123,749 and, at the 31st December 2025, the company's total liabilities exceed its total assets by £313,195.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. This assumption is based principally on an assurance from the parent company, Merrion Property Group Limited, that they will not, in the foreseeable future, seek repayment of inter-company indebtedness which at the year end amounted to £807,193 and that it is their intention to continue to support the company.

Based on the above, the directors believe that it is appropriate that the financial statements be prepared on the going concern basis.

INFORMATION RELATING TO THE AUDITOR'S REPORT

The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.

The financial statements were audited by BFCD.

The Auditor's Report was signed by Dara Ó Gaora (Senior Statutory Auditor) for and on behalf of BFCD on 20th April 2026.

Employees

The average monthly number of employees, including directors, during the financial year was 15, (2024 - 15).


7.	Intangible assets
		Other Intangible	Intellectual
		Assets	Property	Goodwill	Total
		£	£	£	£
	Cost
	At 1 January 2025	100,000	100,000	22,640	222,640
		─────────	─────────	─────────	─────────

	At 31 December 2025	100,000	100,000	22,640	222,640
		─────────	─────────	─────────	─────────
	Amortisation
	At 1 January 2025	100,000	100,000	22,640	222,640
		─────────	─────────	─────────	─────────

	At 31 December 2025	100,000	100,000	22,640	222,640
		─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2025	-	-	-	-
		═════════	═════════	═════════	═════════
	At 31 December 2024	-	-	-	-
		═════════	═════════	═════════	═════════


8.	Tangible assets
			Racecourse	Fixtures,	Racetrack	Total
		Leasehold	Machinery and	fittings and	Improvements
		Improvements	Equipment	equipment
		£	£	£	£	£
	Cost
	At 1 January 2025	179,458	465,192	174,267	806,256	1,625,173
	Additions	-	22,250	-	53,657	75,907
		─────────	─────────	─────────	─────────	─────────
	At 31 December 2025	179,458	487,442	174,267	859,913	1,701,080
		─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2025	100,473	399,696	170,113	116,897	787,179
	Charge for the financial year	17,946	23,367	2,741	85,131	129,185
		─────────	─────────	─────────	─────────	─────────
	At 31 December 2025	118,419	423,063	172,854	202,028	916,364
		─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2025	61,039	64,379	1,413	657,885	784,716
		═════════	═════════	═════════	═════════	═════════
	At 31 December 2024	78,985	65,496	4,154	689,359	837,994
		═════════	═════════	═════════	═════════	═════════


9.	Debtors	2025	2024
		£	£

	Trade debtors	59,687	76,451
	Taxation and social security costs	4,519	20,134
	Prepayments and accrued income	238,855	263,350
		─────────	─────────
		303,061	359,935
		═════════	═════════


10.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Trade creditors	378,145	300,679
	Amounts owed to group undertakings	807,193	915,816
	Taxation and social security costs	19,900	16,928
	Other creditors	137,355	212,014
	Accruals	76,488	49,051
		─────────	─────────
		1,419,081	1,494,488
		═════════	═════════


11.	Government Grants Deferred	2025	2024
		£	£

	At 1 January 2025	234,166	255,520
		─────────	─────────
	Amortisation
	Amortised in financial year	(27,972)	(21,354)
		─────────	─────────
	Net book value
	At 31 December 2025	206,194	234,166
		═════════	═════════


12.	STATE FUNDING

	Horse Racing Ireland

	Racecourse Development Scheme

	Upgrade of Grandstand and other accommodation	No capital grants were received in the current or prior period. £27,972 (December 2024: £21,354) was amortised to the Profit and Loss Account in respect of previously recognised capital grants.

	Term	The Company undertakes that should it cease to carry on horse racing at its racecourse at Down Royal it will make full repayment of amounts paid by Horse Racing Ireland for 10 years after the payment dates.

13.

Capital commitments

The company had no material capital commitments at the 31 December 2025 (December 2024: £Nil).

14.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

15.

Comparative Amounts

Certain comparative figures have been restated on the same basis as those for the current period.

16.

Parent company

The company regards Merrion Property Group Limited, a company registered in the Republic of Ireland, as its parent company.

17.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.