We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Newbury Racecourse plc | AQSE:NYR | Aquis Stock Exchange | Ordinary Share | GB0002910429 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 585.00 | 460.00 | 750.00 | 605.00 | 555.00 | 575.00 | 0.00 | 16:29:52 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2023 to Apr 2024
TIDMNYR
RNS Number : 1240N
Newbury Racecourse PLC
21 September 2023
21 September 2023
NEWBURY RACECOURSE PLC
(the "Racecourse" or the "Company")
Interim results for the 6 months ended 30 June 2023
Newbury Racecourse plc, the racing, entertainment and events business, today announces its half year results for the six months ended 30 June 2023.
2023 Business update and outlook
-- Statutory turnover increased by 3% to GBP8.03m (6 months ended 30 June 2022: GBP7.81m).
-- Operating loss before interest, tax and exceptional items of GBP0.65m (6 months ended 30 June 2022: operating profit of GBP0.14m).
-- Consolidated group loss on ordinary activities before tax of GBP0.57m (6 months ended 30 June 2022: profit of GBP0.22m).
-- Declared raceday attendances to 30 June 2023 of 43,015 (2022: 55,133), down 19%. Thirteen meetings compared to fourteen in 2022, with one abandoned in January 2023 due to weather.
-- Following two successful Party in the Paddock events and some strong summer attendances, declared attendances to the end of August are 92,725 (2022: 93,190) on a comparable fixture basis.
-- The impact of inflation, utilities, business rates and additional prize money investment all contributing to an increased cost base.
-- New Media Rights Agreement effective for retail shops from 1 April 2023, with full rights uplift to include digital streaming from 1 January 2024.
-- Prize money paid during the 6 months ended 30 June 2023 increased by GBP0.45m (23% increase on prior year), which includes a small contribution from World Pool for two races on Lockinge Day. Discussions continue regarding additional World Pool races in 2024.
-- GBP1.5m investment into Hampshire Stand first floor facilities and the Hennessy Restaurant, equally with Levy Restaurants (the Company's catering partner which is part of the Compass Group).
-- The GBP1.1m Nursery extension successfully opened in August 2023, increasing capacity by 22%.
-- Eleven of the Company's fixtures have successfully been allocated BHA Premier status for 2024.
-- New irrigation ring main completed as first phase of enhanced irrigation capability with planning permission for a new storage lake facility being sought.
Dominic Burke, Chairman of Newbury Racecourse plc commented:
"Trading for the first half of 2023 was as expected, despite raceday attendances falling below 2022 levels at the half-year. Compared with last year, our revenues have been stronger but rising costs and our commitment to prize money increases have had an impact on our profitability as anticipated. We have also made good progress on our strategic investments, improving the experience for our racegoers, increasing the capacity of our very successful day care nursery and improving our irrigation infrastructure."
"With the headwinds facing the racing industry the remainder of the year will be challenging but we remain even more confident in the long-term prospects of the Company, given the full effect of the new media rights agreement from 1 January next year, along with the being able to host eleven BHA Premier fixtures during 2024."
For further information please contact:
Newbury Racecourse plc Tel: 01635 40015
Julian Thick, Chief Executive
Mark Leigh, Finance Director
Allenby Capital Limited Tel: 0203 328 5656
Nick Naylor/George Payne (Corporate Finance)
Hudson Sandler Tel: 0207 796 4133
Charlie Jack
CHAIRMAN'S STATEMENT
Total turnover increased by 3% compared to the same period in 2022 to GBP8.03m. Overall operating loss for the six months to 30 June 2023 was GBP0.65m (2022: profit of GBP0.14m). The losses before tax for the period were GBP0.57m (2022: Profit of GBP0.22m)
Trading for the first half of the year was as expected, despite reported raceday attendances being 19% down on 2022. We are starting to see the benefit of our new Media Rights agreement which, for retail, was effective from 1(st) April. We saw an uplift in revenue from the two races on Lockinge Day which were included in the World Pool betting pool. Our cost base has been affected, as expected, by the impact of high inflation, business rates returning to normal levels following the end of government COVID support in 2022 as well as an increase in utility costs. The cost base has also increased due to our stated commitment to increase prize money. Earlier this year we announced that prize money for 2023 would increase year-on-year by 16% to GBP6.06m and the executive contribution would increase by 26% to GBP3.1m. Our non-racing businesses continue to be of significant focus as we seek to broaden our trading activities. The Lodge Hotel, The Rocking Horse Nursery and our Conference & Events businesses are all generating revenue ahead of last year.
Despite losing our January fixture to the weather, we have played host to some top class racing this year, demonstrating our continued ability to attract the very best horses across both codes. Highlights to date have included wins in the February Betfair Hurdle for Aucunrisque, Zanza in the Betfair Denman Chase and for Funambule Sivola in the Betfair Game Spirit Chase. The start of the 2023 flat season came during April, with Remarquee, Grand Alliance and Isaac Shelby winning the main races in the Dubai Duty Free Spring Trials. This was followed in May with Al Shaqab Lockinge Stakes which was won by Modern Games.
Beyond this set of results, the July Weatherby's Super Sprint Day featured our first Party in the Paddock event of the year with Tom Jones returning to the racecourse and performing to an excited, but damp, crowd after a very wet day's racing. This event saw the highest attendance at the racecourse in almost four years. The feature race of the day attracted twenty runners and was won by Relief Rally ridden by Tom Marquand. Our second Party in the Paddock took place at August's BetVictor Hungerford Day where the BetVictor Hungerford Stakes was won by Witch Hunter ridden by Sean Levey. The day's racing being followed by a vibrant performance by Olly Murs. Up to the end of August declared attendances were back in line with 2022.
Meanwhile we now look ahead to the final fixtures of the Autumn Flat programme. The Dubai Duty Free International Weekend in September will be followed by our Oktoberfest themed event during October's weekend racing. Attention will then turn to the National Hunt season in November with both the Winter Carnival weekend and Gold Cup race into their second year of Coral sponsorship. The year will then draw to a close on the 30th of December with the popular festive gathering of the Challow Hurdle.
We look forward to welcoming all those associated with the racecourse to these fixtures and our other business activities for the remainder of 2023.
Looking ahead to 2024, the racecourse has been successful in securing Premier status for eleven of our twenty-eight fixtures, as well as securing an additional three BHA allocated fixtures. This will enable us to further increase prize money and ensure our racing remains attractive and competitive. Additionally, we will see the full year benefit of the Media Rights agreement from 1(st) January 2024 and are in discussions to host the Lockinge Day again as a Worldpool fixture.
On a separate note, it was announced recently that our Chief Executive for the past ten years, Julian Thick, would be leaving the business in early 2024. On behalf of the board, I would like to take this opportunity to thank Julian for his significant contribution to the company. He leaves the racecourse with the redevelopment completed, the company in a strong financial position with no debt and with a world class racing and events facility upon which the company can build for many years to come.
DOMINIC J BURKE
Chairman
21 September 2023
CHIEF EXECUTIVE'S REPORT
Performance Review
Turnover increased by 3% to GBP8.03m (2022: GBP7.81m) in the first half of the year. Gross profit decreased to GBP0.8m (2022: GBP1.55m) reflecting the increase in the cost base due to inflation, utilities, business rates and additional prize money. However Administrative expenses saw a marginal increase at GBP1.45m (2022: GBP1.41m)
Mid-year operating losses of GBP0.65m (2022: Profit of GBP0.14m) were in line with expectations, given the anticipated cost increases.
Exceptional items in the first six months of 2023 were nil (2022: credit of GBP0.03m) being the fair value movement on the David Wilson Homes debtor, which has now fully unwound given the debt is fully paid.
The pre-tax loss on ordinary activities was GBP0.57m (2022: profit of GBP0.22m).
Racing
The racecourse has hosted thirteen racedays to 30(th) June 2023, with the January fixture abandoned due to the weather. This compares to fourteen staged during the same period in 2022. Declared attendances in the first six months were 43,015, compared with 55,133 for the same period in 2022.
Total media related revenues of GBP2.85m, were up 7% on the same period in 2022, partly as a consequence of the new Media Rights agreement taking effect for retail from 1(st) April as well as the Worldpool pool betting arrangement on Lockinge Day.
We are grateful to have received continued significant support from all of our sponsors, with particular thanks to Al Shaqab, Betfair, BetVictor, Starlight Children's Foundation, Compton Beauchamp Estates, Goffs, Watership Down Stud and Dubai Duty Free for their committed investment in the first half of the year.
Catering, Hospitality and Conference & Events
The partnership agreement with Levy Restaurants (part of Compass Group) which commenced in June 2021, is now into its second full financial trading year. The reported royalty income for the first half of 2023 was GBP0.08m, compared with GBP0.16m in 2022. The shortfall in performance due to the lower attendances as well as the closure of the Hennessy Restaurant in early 2023 whilst it underwent a substantial refurbishment. This investment was funded equally with Levy and the much-improved facility re-opened in May.
Conference & Events has performed well in 2023 as we have relaunched this part of the business following encouraging trading in 2022. Consequently, our revenues up to 30 June 2023 were GBP0.13m, 10% up on 2022, resulting in an operating profit of GBP0.07m (2022: profit of GBP0.08m).
The Lodge
The Lodge (our 36-bedroom onsite hotel) has performed well in 2023 following its relaunch in early 2022 after 22 months of closure due to COVID. Revenue for the first half of the year was GBP0.39m (2022: GBP0.34m) and a reported profit of GBP0.05m (2022: GBP0.05m). Occupancy at 30(th) June 2023 was 65% (2022: 62%) with Average Room Rate up 15% year-on-year.
Rocking Horse Nursery
The Rocking Horse Nursery has continued to trade strongly this year. Revenues in the first six months of 2023 were GBP0.98m, up 12% on the comparative period in 2022 of GBP0.86m with this business unit reporting an operating profit of GBP0.34m (2022: profit of GBP0.31m). The single room extension opened in August.
JULIAN THICK
Chief Executive
21 September 2023
Consolidated Profit and Loss Account
Six months ended 30 June 2023
Hot Features
Premium
Unaudited Unaudited
6 months 6 months
30/06/23 30/06/22
Note GBP'000 GBP'000
Turnover 7 8,028 7,812
Cost of sales (7,227) (6,261)
-------------------------------------- ----- ---------- ----------
Gross profit 7 801 1,551
-------------------------------------- ----- ---------- ----------
Administrative expenses (1,450) (1,407)
Other operating income 8 - -
Operating (loss)/profit before
exceptional items (649) 144
-------------------------------------- ----- ---------- ----------
Exceptional Items 9 - 31
-------------------------------------- ----- ---------- ----------
(Loss)/profit before interest
and tax (649) 175
-------------------------------------- ----- ---------- ----------
Interest receivable and similar
income 93 90
-------------------------------------- ----- ---------- ----------
Interest payable and similar charges (14) (48)
-------------------------------------- ----- ---------- ----------
(Loss)/profit before taxation (570) 217
-------------------------------------- ----- ---------- ----------
Tax (charge)/credit 10 52 (109)
-------------------------------------- ----- ---------- ----------
(Loss)/profit after taxation (518) 108
-------------------------------------- ----- ---------- ----------
Loss / Profit per share (basic
and diluted) (See Note 11) (15.47)p 3.23p
All amounts are derived from continuing operations
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2023
Unaudited Unaudited
6 months 6 months
30/06/23 30/06/22
GBP'000 GBP'000
----------------------------------- ---------- ----------
(Loss)/profit for the period (518) 108
Remeasurement of the net defined (56) -
pension liability
Deferred tax on remeasurement 14 -
----------------------------------- ---------- ----------
Total comprehensive (loss)/income
for the period (560) 108
-------------------------------------- ---------- ----------
Consolidated Balance Sheet
As at 30 June 2023
Unaudited Audited
30/06/23 31/12/22
Note GBP'000 GBP'000
--------------------------------------- ------- ---------- ----------------
Fixed assets
Tangible assets 12 42,014 41,395
Investments 117 117
42,131 41,512
--------------------------------------- ------- ---------- ----------------
Current assets
Stocks 42 40
Debtors: amounts falling due after
more than one year 3,694 3,533
Debtors: amounts falling due within
one year 2,031 2,676
Short term deposits at bank 2,000 2,000
Cash at bank and in hand 3,953 4,127
11,720 12,376
--------------------------------------- ------- ---------- ----------------
Creditors: amounts falling due
within one year (4,365) (3,787)
---------------------------------------- ------- ---------- ----------------
Net current assets 7,355 8,589
---------------------------------------- ------- ---------- ----------------
Total assets less current liabilities 49,486 50,101
---------------------------------------- ------- ---------- ----------------
Creditors: amounts falling due - -
after more than one year
Provisions for liabilities
Provisions (3,925) (3,987)
Pension liability 15 - -
--------------------------------------- ------- ---------- ----------------
Net assets 45,561 46,114
---------------------------------------- ------- ---------- ----------------
Capital grants
Deferred capital grants 26 19
---------------------------------------- ------- ---------- ----------------
Capital and reserves
Called up share capital 13 335 335
Share premium account 10,202 10,202
Revaluation reserve 75 75
Equity reserve 143 143
Profit and loss account surplus 34,780 35,340
---------------------------------------- ------- ---------- ----------------
Shareholders' funds 45,535 46,095
---------------------------------------- ------- ---------- ----------------
Net assets 45,561 46,114
---------------------------------------- ------- ---------- ----------------
The unaudited half year financial statements of Newbury Racecourse PLC, company registration 00080774, were approved by the Board of Directors on 20 September 2023 and signed on its behalf by:
D J Burke (Chairman) J M Thick (Chief Executive)
Consolidated Statement of Changes in Equity
At 30 June 2023
Capital Profit
Share Share redemption Revaluation and loss
Capital Premium Reserve reserve account Total
GROUP GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================= ========= ========= ============ ============ ========== =========
At 1 January 2023 335 10,202 143 75 35,340 46,095
----------------------- --------- --------- ------------ ------------ ---------- ---------
Loss for the period
to 30 June 2023 - - - - (518) (518)
Other comprehensive
income - - - - (42) (42)
======================= ========= ========= ============ ============ ========== =========
Total Comprehensive
income (560) (560)
======================= ========= ========= ============ ============ ========== =========
At 30 June 2023 335 10,202 143 75 34,780 45,535
======================= ========= ========= ============ ============ ========== =========
Capital Profit
Share Share redemption Revaluation and loss
Capital Premium Reserve reserve account Total
GROUP GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================= ========= ========= ============ ============ ========== =========
At 1 January 2022 335 10,202 143 75 37,857 48,612
----------------------- --------- --------- ------------ ------------ ---------- ---------
Profit for the period
to 30 June 2022 - - - - 108 108
----------------------- --------- --------- ------------ ------------ ---------- ---------
Transactions with
owners
Dividends (Note 14) - - - - (3,000) (3,000)
----------------------- --------- --------- ------------ ------------ ---------- ---------
Total transactions
with owners (3,000) (3,000)
======================= ========= ========= ============ ============ ========== =========
At 30 June 2022 335 10,202 143 75 34,965 45,720
======================= ========= ========= ============ ============ ========== =========
Consolidated Cash Flow Statement
Six months ended 30 June 2023
Unaudited Unaudited
6 months 6 months
30/06/23 30/06/22
GBP000 GBP000
Cash flows from operating activities
(Loss)/profit for the financial period (518) 108
Adjustments for:
Exceptional items - (31)
Amortisation of capital grants (4) (9)
Depreciation charges 720 640
Interest paid 14 48
Interest received (93) (90)
Tax charge /(credit) (52) 109
Decrease/(increase) in stocks 1 (21)
Decrease/(increase) in debtors 539 (592)
Increase in creditors 795 753
Corporation tax paid - -
Other associated property receipts 23 51
Pension funding deficit payments (70) (68)
Net cash generated from operating activities 1,355 898
Cash flows from investing activities
Receipts from David Wilson Homes - 10,706
Purchase of fixed assets (1,559) (594)
Interest received 30
Net cash from investing activities (1,529) 10,112
Cash flows from financing activities
Repayment of bank loan - (4,500)
Repayment of CBEL Loan - (2,712)
Interest paid - (17)
Dividend paid - (3,000)
Net cash used in financing activities - (10,229)
Net Increase/(decrease) in cash and cash equivalents 174 781
Cash and cash equivalents at beginning of period 4,127 6,009
Cash and cash equivalents at the end of period 3,953 6,790
Notes to the Interim Financial Statements
Six months ended 30 June 2023
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
(a) The condensed set of financial statements has been prepared in accordance with FRS 104 'Interim Financial Reporting' giving a true and fair value of the assets, liabilities, financial position and profit or loss of the undertakings included in the consolidation as a whole as required by DTR 4.2.4R.
(b) The interim report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
By order of the Board,
J M Thick M Leigh Chief Executive Finance Director 21 September 2023 21 September 2023
Notes to the Interim Financial Statements
Six months ended 30 June 2023
1. BASIS OF PREPARATION
Newbury Racecourse PLC (the "Company") is a public company incorporated, domiciled and registered in England in the UK. The registered number is 00080774 and the registered address is The Racecourse, Newbury, Berkshire, RG14 7NZ.
These Group and parent company financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102").
These interim financial statements do not include all of the notes and disclosures required to comply with FRS102, as they have been prepared in accordance with the content, recognition and measurement principles for interim financial reports, Financial Reporting Standard 104 (FRS 104).
The interim financial statements for the six months ended 30 June 2023 do not constitute statutory accounts within the meaning of S434 of the Companies Act 2006. The auditor's report on the accounts of Newbury Racecourse plc for the 12 months to 31 December 2022 was unqualified, did not draw attention to any matters by way of emphasis and did not contain any statement under S498 (2) or (3) of the Companies Act 2006 and has been delivered to the Registrar of Companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the year ended 31 December 2022 and those expected to be applied for the year ending 31 December 2023.
3. ESTIMATES
When preparing the Interim Financial Statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the Interim Financial Statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 December 2022. The only exceptions are the estimate of income tax liabilities which is determined in the Interim Financial Statements using the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.
4. GOING CONCERN
The Board has undertaken a full, thorough and continual review of the Group's forecasts and associated risks and sensitivities, over the next twelve months. The extent of this review reflects the current economic climate as well as the specific financial circumstances of the Group.
The Board identified that the Group's cash flow forecasts are sensitive to fluctuating revenue streams from ticket sales, corporate hospitality, conference and event income. A system of regular reviews of the forecasted business has been implemented to ensure all variable costs are flexed to match anticipated revenues. In addition, a number of race meetings have been insured for adverse weather conditions (and other factors such as animal disease and national mourning), reducing the levels of risk carried by the Group.
The Board has reviewed the cash flow and working capital requirements in detail. Following this review, the Board has concluded that it has reasonable expectation that the Group has adequate resources in place to continue in operational existence for the foreseeable future and has not identified a material uncertainty in this regard. On this basis the going concern basis has been adopted in preparing the financial statements.
Notes to the Interim Financial Statements
Six months ended 30 June 2023
5. REVENUE RECOGNITION
Services rendered, raceday income including admissions, catering revenues, sponsorship and licence fee income is recognised on the relevant raceday. Annual membership income and box rental is recognised over the period to which they relate.
Other income streams are also recognised over the period to which they relate, for example, conference income is recognised on the day of the conference, the Lodge hotel income is recognised over the duration of the guests stay and nursery income is recognised as the child attends the nursery.
Sale of goods revenue is recognised for the sale of food and liquor when the transaction occurs.
6. PROPERTY RECEIPTS
Property receipts are recognised in accordance with the nature of the transaction being that of an exceptional sale of land. The minimum guaranteed sum, as set out in the agreement with David Wilson Homes, is recognised at the point of sale. In accordance with FRS102, at each reporting date, the sum receivable is re-estimated based upon currently projected land value with the difference between this value and the discounted net present value recorded in the profit and loss account.
Notes to the Interim Financial Statements
Six months ended 30 June 2023
7. SEGMENTAL ANALYSIS
Operating
(Loss)/profit
before
Gross exceptional (Loss)/profit
Turnover Profit items before *Net Assets
30 June 2023 GBP'000 GBP'000 GBP'000 tax GBP'000 GBP'000
-------------- --------- -------------------- --------------- -------------- ------------
Trading 6,628 385 (1,046) (1,047) 38,172
Nursery 976 337 337 337 3,333
Lodge 394 49 49 49 1,532
Property 30 30 11 91 2,524
-------------- --------- -------------------- --------------- -------------- ------------
Total 8,028 801 (649) (570) 45,561
-------------- --------- -------------------- --------------- -------------- ------------
Operating
(Loss)/profit
before
exceptional (Loss)/profit
Turnover Gross Profit/(Loss) items before *Net Assets
30 June 2022 GBP'000 GBP'000 GBP'000 tax GBP'000 GBP'000
-------------- --------- -------------------- --------------- -------------- ------------
Trading 6,581 1,156 (231) (272) 39,115
Nursery 863 312 312 312 2,674
Lodge 338 53 53 53 1,569
Property 30 30 10 124 2,389
-------------- --------- -------------------- --------------- -------------- ------------
Total 7,812 1,551 144 217 45,747
-------------- --------- -------------------- --------------- -------------- ------------
* Net assets represents fixed assets less deferred income and term loans for Property, Nursery and Lodge; all working capital is included within the 'Trading' segment.
8. EXCEPTIONAL ITEMS
6 months 6 months
30/06/23 30/06/22
GBP'000 GBP'000
--------------------- ------------ ----------
DWH debtor movement
in fair value - 31
Total - 31
-------------------------- ------- ----------
In accordance with the audited financial statements, accounting transactions related to the DWH agreement are considered outside the ordinary course of business.
Notes to the Interim Financial Statements
Six months ended 30 June 2023
9. TAXATION
The tax has been computed in accordance with FRS 104 Interim Financial Reporting. This requires the company to apply the estimated annual effective tax rate to the loss for the interim period and recognise a tax credit only to the extent that the resulting tax asset is more likely than not to reverse.
10. PROFIT PER SHARE
Basic and diluted loss per share of 15.47p (2022 profit per share: 3.23p) is calculated by dividing the loss attributable to ordinary shareholders for the period ended 30 June 2023 of GBP518,000 (2022: profit of GBP108,000) by the weighted average number of ordinary shares during the period of 3,348,326 (2022: 3,348,326).
11. TANGIBLE FIXED ASSETS
Fixtures Tractors
Freehold and and motor
property fittings vehicles Total
GROUP GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- ---------- ---------- ----------- ---------
Cost or valuation
As at 1 January 2023 54,419 11,266 313 65,998
Additions 1,159 176 12 1,347
Disposals - (9) - (9)
At 30 June 2023 55,578 11,433 325 67,336
---------------------------------- ---------- ---------- ----------- ---------
Depreciation
At 1 January 2023 18,137 6,264 202 24,603
Charge for year 371 337 12 720
Disposals - (9) - (9)
At 30 June 2023 18,508 6,592 214 25,314
---------------------------------- ---------- ---------- ----------- ---------
Net book value at 30
June 2023 37,070 4,841 111 42,022
---------------------------------- ---------- ---------- ----------- ---------
Net book value at 31 December
2022 36,282 5,002 111 41,395
---------------------------------- ---------- ---------- ----------- ---------
In 1959 a revaluation of part of the freehold land at GBP117,864
gave rise to an excess of GBP75,486 over its cost and this
sum is included in the total value of this asset. The excess
on revaluation is credited to the Revaluation Reserve. The
net book value of freehold land and buildings (and excluding
outdoor fixtures) determined by the historical cost convention
is GBP36,994,000 (2022: GBP36,051,000).
In 2018 the board revisited the residual values and useful
economic lives of the land enhancements and major buildings
on the site. Savills were instructed to provide an estimate
of the residual values and these were applied in re estimating
the depreciation charge for those assets. There was no further
change in the residual values or useful economic lives during
2023.
Notes to the Interim Financial Statements
Six months ended 30 June 2023
12. SHARE CAPITAL
30/06/23 30/06/22
GBP'000 GBP'000
------------------------- --------- ---------
Authorised
Ordinary shares of 10p
each 600 600
Total 600 600
---------------------------- --------- ---------
30/06/23 30/06/22
GBP'000 GBP'000
------------------------- --------- ---------
Allotted and fully paid
Ordinary shares of 10p
each 335 335
Total 335 335
---------------------------- --------- ---------
13. DIVIDS
2023 2022
Pence/share GBP'000 Pence/share GBP'000
============================= ============ ======== ============ ========
Final dividend for:
Year ended 31 December 2022 - - 89.6p (3,000)
----------------------------- ------------ -------- ------------ --------
Dividends paid in the year - (3,000)
============================= ============ ======== ============ ========
14. RETIREMENT BENEFIT OBLIGATIONS
The defined benefit obligation as at 30 June 2023 has been determined with reference to the figures recorded at 31 December 2022, which were calculated in accordance with FRS102 s.28. In the Directors' opinion there have not been any significant fluctuations in the key assumptions. The movement in the defined benefit deficit relates to the top-up payment made during the period ended 30 June 2023 of GBP0.07m, net of interest charges accrued and the restriction on recognition of scheme assets.
15. RELATED PARTY TRANSACTIONS
There are no significant changes to the nature and treatment of related party transactions for the period to those reported in the 2022 Annual Report and Accounts.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
NEXSESFMSEDSEDU
(END) Dow Jones Newswires
September 21, 2023 02:00 ET (06:00 GMT)
1 Year Newbury Racecourse Chart |
1 Month Newbury Racecourse Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
