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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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Ludlow Race Club Limited(The) |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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Ludlow Race Club Limited(The) |
Ludlow Race Club Limited(The) (Registered number: 00508758) |
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Contents of the Financial Statements |
for the year ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Ludlow Race Club Limited(The) |
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Company Information |
for the year ended 31 December 2017 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Unit 2 Foley Works |
Foley Industrial Estate |
Hereford |
Herefordshire |
HR1 2SF |
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Bankers: |
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16 Broad Street |
Ludlow |
Shropshire |
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Solicitors: |
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1st Floor |
Broadway House |
32-35 Broad Street |
Hereford |
HR4 9AR |
Ludlow Race Club Limited(The) (Registered number: 00508758) |
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Abridged Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET ASSETS |
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RESERVES |
Other reserves |
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Income and expenditure account | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Ludlow Race Club Limited(The) (Registered number: 00508758) |
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Abridged Balance Sheet - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Ludlow Race Club Limited(The) (Registered number: 00508758) |
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Notes to the Financial Statements |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Ludlow Race Club Limited(The) is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover consists of Club Membership, Raceday, Plate entries income and income from non-raceday use of |
facilities, stated net of value added tax. |
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Tangible fixed assets |
Depreciation is provided to write off the cost less any residual value over the estimated useful lives of the assets |
at the following rates and methods. |
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Freehold land | Nil |
Leasehold land and buildings | Straight line over the lease term |
Crossing mats | 3 year straight line |
Running rails | 10 year straight line |
Plant and machinery | 25% reducing balance |
Fixtures and fittings | 20% reducing balance |
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The directors are of the opinion that the residual value of the freehold property is not less than cost and that, |
therefore, the depreciation charge per annum is nil. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Operating leases |
Leasing charges in respect of opertaing leases are recognised in the profit and loss account over the lives of the |
lease agreements using the straight line method. Rental income due from operating leases is included in the |
profit and loss account on a straight line basis over the period of the lease. |
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Pensions |
There is a pension stakeholder scheme in place with Scottish Widows. The company makes contributions to this |
for some of its permanent staff. Contributions payable in the year are charged to the profit and loss account. |
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Capital grants |
Capital grants are received from the Horserace Betting Levy Board (HBLB) and others in respect of capital |
expenditure.Capital grants received are taken to the grant account. Credits are made to the profit and loss |
account by equal annual installments over a period which on average matches the period over which the relevant |
fixed assets are depreciated. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Ludlow Race Club Limited(The) (Registered number: 00508758) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
Cost |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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5. | FIXED ASSET INVESTMENTS |
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2016 | 2015 |
£ | £ |
Racecourse Media Group Limited |
1 Ordinary ''A'' Share | 100 | 100 |
Racecourse Media Group Limited |
133 Ordinary ''B'' Shares | 26,600 | 26,600 |
Racecourse Betting Company Limited |
1 Ordinary ''A'' Share | 100 | 100 |
Racing UK Limited |
1 Ordinary ''A'' Share | 100 | 100 |
26,900 | 26,900 |
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All investments are stated at cost |
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6. | SECURITY |
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From 27 August 2010 the Horserace Betting Levy Board has held a debenture over the leasehold property of the |
company. |
Ludlow Race Club Limited(The) (Registered number: 00508758) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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7. | COMMITMENTS UNDER OPERATING LEASES |
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At 31 December 2017 the club had annual commitments under non-cancellable operating leases as set out below. |
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2017 | 2016 |
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Land and
buildings |
Land and
buildings |
£ | £ |
Operating leases which are payable: |
Within 1 year |
Within 2 to 5 years |
After more than 5 years | 10,000 | 10,000 |
10,000 | 10,000 |
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8. | GUARANTEE |
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The company is limited by guarantee and does not have a share capital. In the event of a winding up, each |
member undertakes to contribute a sum not exceeding one pound. At 31 December 2017 there were 590 |
members (2016: 596). |