The Pontefract Park Race Company Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 0159754

The Pontefract Park Race Company Limited

Filleted financial statements

31 March 2025

The Pontefract Park Race Company Limited

Statement of financial position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	6	2,745,841	2,913,834
Fixed asset investments	7	49,001	49,001
		------------	------------
		2,794,842	2,962,835

Current assets

Debtors	8	451,452	426,766
Cash at bank and in hand		703,445	922,400
		------------	------------
		1,154,897	1,349,166

Creditors: amounts falling due within one year	9	621,669		1,130,402
		------------		------------
Net current assets			533,228		218,764
			------------		------------
Total assets less current liabilities			3,328,070		3,181,599

Creditors: amounts falling due after more than one year	10		356,497		30,003

Provisions

Taxation including deferred tax	11	97,816		120,807
Grants account	11	1,676,324		1,709,314
		------------		------------
			1,774,140		1,830,121
			------------		------------
Net assets			1,197,433		1,321,475
			------------		------------

Capital and reserves

Called up share capital	45,000	45,000
Profit and loss account	1,152,433	1,276,475
	------------	------------
Shareholders funds	1,197,433	1,321,475
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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 Pontefract Park Race Company Limited

Statement of financial position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 25 November 2025 , and are signed on behalf of the board by:

Mr W A Bethell

Chairman

The Pontefract Park Race Company Limited

Notes to the financial statements

Year ended 31st March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Administration Office, Pontefract Racecourse, Pontefract Park, Park Road, Pontefract, WF8 4QD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Media rights

Media rights fees are received under agreements with Racecourse Media Group Limited and Racecourse Retail Business Limited. These are accounted for on a receivable basis and are shown separately in the income statement. Any costs deducted are included as overhead expenses.

Levy board and other grants

Capital credit grants are received from the Horserace Betting Levy Board towards the financing of improvement schemes.

Grants received are taken to the grant account. Credits are then made to the profit and loss account over a period of time which matches the period over which the relevant fixed assets are depreciated or in the year of receipt if the grant is in relation to revenue expenditure.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings, earthworks and stables	-	4% reducing balance
Leasehold property	-	Over 60 years on cost
Tractors and attachments	-	15% reducing balance
Fixtures, fittings and equipment	-	10% reducing balance
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in joint ventures

Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Other financial instruments are initially recognised at fair value and are subsequently measured at fair value, with any changes recognised in profit or loss. The company holds the following financial assets and liabilities: Non-puttable ordinary shares and capital investments in participating interests Cash Short-term trade and other debtors and creditors Investments in participating interests cannot reliably be measured at fair value and are recorded at transaction price. Cash in the balance sheet comprises cash at banks and in hand and short-term deposits with an original maturity date of three months or less. These balances are recorded at transaction price. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of income before operating profit. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date.

Defined contribution pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2024: 13 ).

The company also employs casual staff to assist during race days. The number of casual staff during the year ranged between 44 and 54 (2024 - 44 and 57) depending on the race day. Casual staff are not included in the average number of persons employed as stated above.

5. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	2,250	2,250
	--------	--------

6. Tangible assets

	Buildings and stables	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	4,279,577	49,815	129,655	2,019,541	22,834	6,501,422
Additions	–	–	–	20,584	9,500	30,084
Disposals	–	–	–	( 75,590)	( 1,400)	( 76,990)
	------------	--------	---------	------------	--------	------------
At 31 Mar 2025	4,279,577	49,815	129,655	1,964,535	30,934	6,454,516
	------------	--------	---------	------------	--------	------------
Depreciation
At 1 Apr 2024	2,283,651	9,062	107,178	1,173,869	13,828	3,587,588
Charge for the year	79,839	832	3,374	84,107	4,625	172,777
Disposals	–	–	–	( 50,300)	( 1,390)	( 51,690)
	------------	--------	---------	------------	--------	------------
At 31 Mar 2025	2,363,490	9,894	110,552	1,207,676	17,063	3,708,675
	------------	--------	---------	------------	--------	------------
Carrying amount
At 31 Mar 2025	1,916,087	39,921	19,103	756,859	13,871	2,745,841
	------------	--------	---------	------------	--------	------------
At 31 Mar 2024	1,995,926	40,753	22,477	845,672	9,006	2,913,834
	------------	--------	---------	------------	--------	------------

Buildings and stables are erected on land held under lease from Wakefield Council and the Duchy of Lancaster, both with a term of sixty years expiring 24th December 2073.

7. Fixed asset investments

	Shares in participating interests	Other investments	Total
	£	£	£
Cost
At 1st April 2024 and 31st March 2025	1	49,000	49,001
	--------	--------	--------
Impairment
At 1st April 2024 and 31st March 2025	–	–	–
	--------	--------	--------

Carrying amount
At 31st March 2025	1	49,000	49,001
	--------	--------	--------
At 31st March 2024	1	49,000	49,001
	--------	--------	--------

The Company holds one 'A' ordinary share in Racecourse Media Group Limited at a cost of £100 (2024 - £100).

The Company holds two hundred and forty four 'B' ordinary shares in Racecourse Media Group Limited at a cost of £48,800 (2024 - £48,800).

The Company holds one ordinary share in Racecourse Retail Business Limited at a cost of £100 (2024 - £100).

The Company has a capital investment in Independent Racecourses Consortium LLP amounting to £1 at 31st March 2025 (2024 - £1).

Racecourse Retail Business and Racecourse Media Group handle the Company's media rights.

Britbet Racing LLP have an agreement with the Alizeti consortium to operate pool betting on member racecourses under the Tote name.

These investments cannot reliably be measured at fair value and are instead stated at cost.

8. Debtors

	2025	2024
	£	£
Trade debtors	86,745	112,994
Britbet LLP current account	51,861	23,382
Other debtors	312,846	290,390
	---------	---------
	451,452	426,766
	---------	---------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	139	1,908
Trade creditors	145,891	263,055
Social security and other taxes	26,623	5,678
HBLB secured loan - Weighing room refurbishment	70,013	–
Other creditors	379,003	859,761
	---------	------------
	621,669	1,130,402
	---------	------------

The company has unsecured overdraft and business card facilities of £50,000 and £5,000 respectively, due for review in March 2026. On 27th September 2023, a loan agreement was signed with the Horserace Betting Levy Board (HBLB) to secure finance of £351,396 towards the costs of the weighing room upgrade. As of 31st March 2025, all of this loan had been drawn down. The loan is subject to an interest charge of 5.25% and the loan is repayable by five annual instalments of £70,679 in each of the years ending 31st March 2026, 2027, 2028, 2029 and 2030. The security for the HBLB secured loan is a company debenture.

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Weatherbys Bank Limited secured loans - Parade ring	75,114	30,003
HBLB secured loan - Weighing room refurbishment	281,383	–
	---------	--------
	356,497	30,003
	---------	--------

On 18th January 2024 a Weatherbys Bank loan facility for £133,837 was agreed and as of 31st March 2025 all of the loan had been drawn down. The loan is interest only with capital repayment due on or before 31st January 2029, although voluntary early repayments can and have been made without penalty. Interest is charged at 5.99% above base rate with a minimum lending rate of 7.49%. The security for the Weatherbys Bank secured loan is a company debenture.

11. Provisions

	Deferred tax	Grants account	Total
	£	£	£
At 1st April 2024	120,807	1,709,314	1,830,121
Additions	–	84,429	84,429
Charge against provision	( 22,991)	( 117,419)	( 140,410)
	---------	------------	------------
At 31st March 2025	97,816	1,676,324	1,774,140
	---------	------------	------------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	90,946	89,026
Later than 1 year and not later than 5 years	108,624	78,960
Later than 5 years	689,063	704,813
	---------	---------
	888,633	872,799
	---------	---------

The company holds a lease from Wakefield Council for the occupation of the racecourse which expires 24th December 2073. Under the terms of the lease, the rent payable is calculated annually as a fixed percentage of specified elements of the company's income in the preceding year with a minimum charge of £3,000 for each race meeting, consequently rent commitments cannot be determined in advance and the above disclosure does not include any commitment to Wakefield Council beyond a year from the balance sheet date. The rent commitment for the year ended 31st March 2026 is £67,061 (2025 - £66,953). The company holds a lease from the Duchy of Lancaster for the occupation of the stables which expires 24th December 2073. The annual rent commitment is currently £15,750. The company also holds various lease agreements for equipment used as part of trading.

13. Other financial commitments

Following the expiry of Betfred's exclusive licence to run the Tote in July 2018, the Company joined with other racecourses to form Britbet Racing LLP ("Britbet") to run pool betting operations on member racecourses. Britbet installed new equipment at the racecourse in March 2018 which the Company was given the option of either purchasing or leasing. UK Tote Group Ltd (formerly the Alizeti Consortium) purchased the Tote from Betfred and granted Britbet the right to use the Tote Brand for their pool betting operations on its member racecourses. Although no formal operating agreement has been entered into between the Company and Britbet, Britbet are operating pool betting under the Tote brand on the racecourse to the Company's satisfaction. The Company is not now likely to purchase any of the equipment which Britbet has installed.

14. Contingencies

There is a contingent liability to the HBLB to repay a sum in respect of grants received under the annual grant agreement in the event that racing activities cease under certain circumstances.

15. Summary audit opinion

The auditor's report dated 26 November 2025 was unqualified .

The senior statutory auditor was Michael Flanagan , for and on behalf of Holmes Beaumont & Holroyd Limited .