Share Name Share Symbol Market Type Share ISIN Share Description
Newbury Racecourse plc NEX:NYR NEX Ordinary Share GB0002910429
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 775.00p 750.00p 800.00p 775.00p 775.00p 775.00p 0 07:40:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Newbury Racecourse Plc Interim Results

21/09/2018 7:00am

UK Regulatory (RNS & others)


 
TIDMNYR 
 
21 September 2018 
 
                            NEWBURY RACECOURSE PLC 
                      ("the Racecourse" or "the Company") 
 
              Interim Results for the 6 months ended 30 June 2018 
 
Newbury Racecourse plc, the racing, entertainment and events business, today 
announces its half year results for the six months ended 30 June 2018. 
 
Financial Highlights 
 
  * Turnover up 4.6% to GBP7.33m (2017 restated: GBP7.01m) 
  * 7% improvement in half year operating performance - operating loss on 
    ordinary activities GBP0.27m (2017: GBP0.29m loss) 
  * Loss on ordinary activities after tax GBP0.14m (2017: loss GBP0.4m) 
 
Operational Highlights 
 
  * 20% increase in media revenues 
  * 16% growth in Rocking Horse Nursery revenues 
  * 14% growth in Lodge revenues 
 
Property Development Highlights 
 
  * Continued good progress on the racecourse "Heartspace" development, with 
    works to the main parade ring and customers areas on schedule to be 
    completed by the end of the year 
  * Cash receipts from the sale of properties GBP1.39m in the first six months of 
    2018 
  * Residential development more than halfway completed with approximately 900 
    of the total 1,480 homes now built 
 
Dominic Burke, Chairman of Newbury Racecourse plc commented: 
 
"In the first six months of 2018 we have grown the top line of the business by 
more than 4%, despite the loss of two racedays to the weather in March, with 
good growth in our Media revenues, Nursery business and The Lodge hotel. 
 
Whilst trading conditions for Conference & Events continue to be challenging 
during our development, confirmed business for the full year is currently 25% 
ahead of the same point in 2017. 
 
We are pleased with the continued progress on the DWH residential development 
and we have made good progress on our own redevelopment, with works on the main 
parade ring and customer areas well underway and on schedule to be completed by 
the end of the year. 
 
We remain confident in the delivery of a positive financial outturn for the 
remainder of 2018." 
 
For further information please contact: 
 
Newbury Racecourse 
plc 
Tel: 01635 40015 
Julian Thick (Chief Executive) 
 
Hudson Sandler 
 
Tel: 020 7796 4133 
Charlie Jack 
 
CHAIRMAN'S STATEMENT 
 
In the first six months of 2018 we have continued to make steady progress 
against our strategy of redevelopment and growth. 
 
Total turnover increased 4.6% on 2017 to GBP7.33m (2017 restated[1]: GBP7.01m), 
despite the loss of 2 racedays to weather and the inevitable impact this had 
upon attendance numbers in the first half of the year. Continued growth in our 
Nursery business and, our on-site hotel, The Lodge, helped to mitigate more 
challenging trading conditions in Conference and Events. 
 
Overall operating losses for the first six months were GBP0.27m (2017: GBP0.29m) 
reflecting the expected increase in depreciation as a result of the ongoing 
capital investment. 
 
Exceptional items in the period were GBP0.19m (2017: GBP0.08m) being the fair value 
movement on the David Wilson Homes debtor. 
 
Losses after tax for the period were GBP0.14m (2017: loss GBP0.40m). 
 
Our 2017/18 jump season was packed full of memorable performances, including 
Native River's winning reappearance in the Denman Chase on Betfair Super 
Saturday which preceded his Cheltenham Gold Cup victory. We also saw the return 
of Altior the same day before he too went onto Cheltenham Festival success and 
the day itself was packed full of Festival clues with a highly competitive 
Betfair Hurdle won by Kalashnikov. The 2018 flat season got underway with Dubai 
Duty Free Spring Trials Weekend and some striking performances which 
highlighted Classic credentials. Those included Derby contender, The Young 
Rascal and Lah Ti Dah. In May we hosted the GBP750,000 Al Shaqab Lockinge Day, 
which was attended by over 11,000 racegoers and it was a great thrill to see 
the brilliant, Aidan O'Brien-trained, Rhododendron win the Group 1 Al Shaqab 
Lockinge Stakes, eleven years since a filly won the race. The introduction of 
the new JLT Cup run in July was positively received by horsemen with a 
16-strong field lining up for the inaugural running of the race. To date, there 
have been no less than eight Group 1 winning performances from horses who have 
run at Newbury earlier in the season. 
 
We continue to focus on growing our non-racing businesses, which remains 
challenging given the ongoing development works. However, we are pleased to 
report that, despite a weak financial contribution for the 6 month period to 
June for the Conference and Events business, confirmed revenues for the full 
year are currently 25% ahead of this time last year. 
 
The Lodge, is delivering year on year growth in occupancy levels, with year to 
date revenues currently 14% ahead of this time last year. We expect it will 
take 
 
another six to twelve months for the hotel to reach it's likely optimum trading 
potential. 
 
The Rocking Horse Nursery continues to trade strongly, with average occupancy 
increasing by 6%, resulting in revenue growth of 16% in the year to date. 
 
The Development 
 
Our "Heartspace" development continues to progress well. The current phase of 
works which includes re-modelling the main parade ring and improvements to the 
customer areas behind the stands, is due to be completed by the end of 2018. 
The refurbishment of the Berkshire Stand and improvements to the wider 
infrastructure continue and we are starting to see the benefits of these works 
both in terms of the visitor experience and also improved financial returns for 
the wider business in the longer term. 
 
We are delighted with the excellent feedback we have received from owners and 
trainers since the opening of our new Owners Club in late 2017. This state of 
the art facility has been widely hailed as one of the finest owners and 
trainers spaces in the country and we are confident that our investment in the 
owners' raceday experience, alongside our recent investment in prizemoney, will 
stand us in good stead. 
 
Laurie Todd 
 
I am very sad to report that Laurie Todd, who served as a Non-Executive 
Director of the Newbury Racecourse Board for 11 years, sadly succumbed to a 
short illness in August 2018. Laurie Chaired the Audit & Risk and Remuneration 
Committees and made a substantial contribution to the business. We will greatly 
miss his valuable contribution to the Board. 
 
Post period end and Outlook 
 
At the Weatherbys Super Sprint meeting in July we welcomed Craig David to the 
Party in the Paddock stage after an excellent day's racing, with a sell out 
crowd of 20,000. Ladies Day in August hosted Rudimental DJ and was attended by 
more than 13,000 people. 
 
The Board is confident in the financial outturn for the remainder of 2018, in 
line with our long term stated strategy. 
 
DOMINIC J BURKE 
Chairman 
20 September 2018 
 
CHIEF EXECUTIVE'S REPORT 
 
PERFORMANCE REVIEW 
 
Turnover increased 4.6% to GBP7.33m (2017 restated[2]: GBP7.01m) in the first half 
of the year which included the abandonment of two racedays in March. Excluding 
the abandoned days, turnover increased 11% versus the same six month period in 
2017. This included a 20% increase in media revenues, in part attributable to 
the new LBO agreement, a 16% increase in Nursery income and 14% increase in 
Lodge revenues year on year, attributable to increased occupancy levels in both 
of those divisions. 
 
Cost of sales increased by GBP0.28m, 4.6%, reflecting the increased turnover 
together with the expected increase in depreciation as a result of the 
investment in fixed assets. Administrative expenses of GBP1.28m (2017: GBP1.26m), 
being less than a 2% increase, were in line with expectations. 
 
Mid-year operating losses of GBP0.27m represent a 7.5% improvement on the prior 
year (2017: loss of GBP0.29m). 
 
Exceptional items in the first six months of 2018 were GBP0.19m (2017: GBP0.08m) 
being the fair value movement on the David Wilson Homes debtor. 
 
The loss on ordinary activities after tax was GBP0.14m (2017: loss GBP0.40m). 
 
Racing 
 
There were two abandoned race meetings in the period (2017: nil), as a result, 
attendances in the first six months of 51,593 were 13% down on the same period 
in 2017 (59,457). 
 
We are grateful to have received continued significant support from all of our 
sponsors, with particular thanks to Al Shaqab, Betfair, Bewiser, Compton 
Beauchamp Estates and Dubai Duty Free for their investment in the first half of 
the year. 
 
Hospitality and Retail 
 
Revenues from the catering business in the first six months of 2018 were GBP 
1.26m, a decrease of c.4% on 2017, although this largely related to the two 
abandoned racedays, with underlying performance comparable to this time last 
year. 
 
The improvements we have continued to make in our public food and beverage 
offer, together with investment in staff training has seen an increase in 
average spend per head of 10% year on year. 
 
Conference and Events 
 
Conference and Events revenues in the first six months of GBP0.35m were in line 
with the same period in 2017. 
 
Trading conditions for this part of the business continue to be challenging, 
whilst the redevelopment is ongoing. The sales team continue to focus on 
driving forward the sales strategy for this part of the business and the 
addition of the new Owners' Club has significantly enhanced our small 
conference and wedding offer. Christmas parties are once again selling well. 
 
The Lodge 
 
Our 36 bedroom onsite hotel has continued to see steady growth in occupancy 
levels and average room rates. Revenues in the first six months of 2018 were 
c.14% up on the same period in 2017. 
 
Rocking Horse Nursery 
 
The nursery business has continued to trade strongly with revenues in the first 
six months of 2018 of GBP0.75m, 16% up on the comparative period in 2017, with an 
occupancy increase of 6% versus the same period last year and gross operating 
profits of GBP0.28m, an improvement of GBP0.05 (22%). 
 
The Heartspace Development 
 
The development of the racecourse heartspace continued in line with our 
expectations during the first half of 2018, with works now focussed on the main 
parade ring area, together with two new retail outlets, the southern entrance 
and unsaddling area. These works are expected to be completed by the end of the 
year. 
 
The Residential Development 
 
The residential development continues to progress well, with the Central and 
Eastern Area construction programmes in line with schedule. DWH are now more 
than half way through the ten year build programme, with all of the major 
infrastructure works completed and approximately 900 homes out of the total 
1,480, now built. Cash receipts from DWH from the sale of properties in the 
first six months of 2018 were GBP1.39m, which was in line with expectations. 
 
JULIAN THICK 
Chief Executive 
20 September 2018 
 
Consolidated Profit and Loss Account 
Six months ended 30 June 2018 
 
                                                  Note   Unaudited   Restated* 
                                                       6 months 30   unaudited 
                                                            /06/18    6 months 
                                                             GBP'000    30/06/17 
                                                                         GBP'000 
 
Turnover                                             5       7,332       7,010 
 
Cost of sales                                              (6,325)     (6,047) 
 
Gross profit                                         5       1,007         963 
 
Administrative expenses                                    (1,278)     (1,256) 
 
Operating loss before                                        (271)       (293) 
exceptional items 
 
Exceptional Items                                    6         194          81 
 
Loss before interest and tax                                  (77)       (212) 
 
Interest receivable and                                          3           2 
similar income 
 
Interest payable and similar                                 (149)       (133) 
charges 
 
Loss before taxation                                         (223)       (343) 
 
Tax credit/(charge)                                  7          88        (58) 
 
Loss after taxation                                          (135)       (401) 
 
                                                            (4.0p)     (11.9p) 
Loss per share (basic and 
diluted) (Note 8) 
 
All amounts derive from continuing operations 
 
Consolidated Statement of Comprehensive Income 
Six months ended 30 June 2018 
 
                                                              Unaudited Restated* 
                                                               6 months unaudited 
                                                               30/06/18  6 months 
                                                                  GBP'000  30/06/17 
                                                                            GBP'000 
 
Total comprehensive loss for                                      (135)     (401) 
the period 
 
*Restated - see note 15 
 
Consolidated Balance Sheet 
Six months ended 30 June 2018 
 
                                                    Unaudited 
                                                     6 months            Audited 
                                                     30/06/18           12 months 
                                             Note       GBP'000           31/12/17 
                                                                          GBP'000 
 
Fixed assets 
 
Tangible assets                                10      35,349              33,560 
 
Investments                                               117                 117 
 
Investment properties                          11       1,112               1,112 
 
                                                       36,578              34,789 
 
Current assets 
 
Stocks                                                    263                 203 
 
Debtors 
 
-due within one year                                    8,367              11,993 
 
-due in more than one year                             13,970              14,072 
 
Cash at bank and in hand                                4,607               2,649 
 
Cash investment                                         2,166               2,458 
 
                                                       29,373              31,375 
 
Creditors: amounts falling due within one             (5,852)             (5,965) 
year 
 
Net current assets                                     23,521              25,410 
 
Total assets less current liabilities                  60,099              60,199 
 
Creditors: amounts falling due after more             (4,865)             (4,746) 
than one year 
 
Provisions for liabilities                            (5,685)             (5,774) 
 
Net assets before pension deficit                      49,549              49,679 
 
Pension deficit                                       (1,141)             (1,127) 
 
Net assets after pension deficit, before               48,408              48,552 
deferred capital grants 
 
Capital grants 
 
Deferred capital grants                                    97                 106 
 
Capital and reserves 
 
Called up share capital                        12         335                 335 
 
Share premium account                                  10,202              10,202 
 
Revaluation reserve                                        75                  75 
 
Equity reserve                                            143                 143 
 
Profit and loss account surplus                        37,556              37,691 
 
Shareholders' funds                               48,311                   48,446 
 
Net assets                                             48,408              48,552 
 
 
The unaudited half year financial statements of Newbury Racecourse PLC, company 
registration 00080774, were approved by the Board of Directors on 20 September 
2018 and signed on its behalf by: 
 
D J Burke (Chairman) 
J M Thick (Chief Executive) 
 
The Racecourse 
Newbury, Berkshire 
RG14 7NZ 
 
Consolidated Statement of Changes in Equity 
At 30 June 2018 
 
GROUP                             Share     Share    Capital Revaluation    Profit     Total 
                              Capital GBP   Premium redemption   reserve GBP  and loss     GBP'000 
                                   '000     GBP'000    Reserve        '000 account GBP 
                                                       GBP'000                  '000 
 
At 1 January 2017 restated          335    10,202        143          75    36,415    47,170 
 
Profit for the financial year         -         -          -           -     1,183  1,183 
 
Other comprehensive income            -         -          -           -        93        93 
 
At 31 December 2017                 335    10,202        143          75    37,691    48,446 
 
GROUP                             Share     Share    Capital Revaluation    Profit     Total 
                              Capital GBP   Premium redemption   reserve GBP  and loss     GBP'000 
                                   '000     GBP'000    Reserve        '000 account GBP 
                                                       GBP'000                  '000 
 
At 1 January 2018                   335    10,202        143          75    37,691    48,446 
 
Loss for the period to 30             -         -          -           - (135)         (135) 
June 2018 
 
Other comprehensive income            -         -          -           -         -         - 
 
At 30 June 2018                     335    10,202        143          75    37,556    48,311 
 
Consolidated Cash Flow Statement 
Six months ended 30 June 2018 
 
                                                                Unaudited                 Restated 
                                                                 6 months                Unaudited 
                                                                 30/06/18                 6 months 
                                        Note                        GBP'000                 30/06/17 
                                                                                             GBP'000 
 
Net cash inflow/(outflow) from                          1           2,964                    (266) 
operating activities 
 
Cash flows from investing activities 
 
Interest received and other investment                                                           2 
income                                                                  4 
 
Interest paid                                                        (15)                     (6) 
 
Receipts from investment                                                9                       25 
properties 
 
Net cash (outflow)/inflow from                                                                  21 
investing activities                                                  (2) 
 
Taxation 
 
UK corporation tax                                                   (78)                    (846) 
 
Total tax paid                                                       (78)                    (846) 
 
Capital expenditure 
 
Payments to acquire tangible                                      (2,535)                  (4,072) 
fixed assets 
 
Receipts from exceptional                                           1,386                    1,953 
sale of fixed assets 
 
Payments relating to land                                               -                  (2,742) 
sale 
 
Net cash outflow from capital                                     (1,149)                  (4,861) 
expenditure 
 
Net cash inflow/(outflow) before                                    1,735                  (5,952) 
financing 
 
 
Financing activities 
 
Loan finance issued*                                                 (69)                        - 
 
Net cash outflow from financing                                      (69)                        - 
 
Increase/(decrease) in cash                                         1,666                  (5,952) 
in the period 
 
 *Loan to Britbet Racing LLP, formation of a new betting consortium. 
 
Advantage has been taken of the exemption under FRS102 not to disclose the 
individual cash flow statements of the company and of its subsidiaries. 
 
Notes to the Consolidated Cash Flow Statement 
Six months ended 30 June 2018 
 
1.    Reconciliation of operating          Unaudited                  Restated 
loss to net cash outflow from               6 months                 Unaudited 
operating activities                        30/06/18                  6 months 
                                               GBP'000                  30/06/17 
                                                                         GBP'000 
 
Loss before interest and exceptional           (271)                     (293) 
item 
 
Interest paid                                   (15)                       (6) 
 
Depreciation                                     746                       450 
charges 
 
Amortisation of                                                            (9) 
capital grants                                   (9) 
 
(Increase)/decrease                             (61)                        22 
in stocks 
 
Decrease/(increase) in                         2,683                   (1,604) 
debtors and prepayments 
 
(Decrease)/increase                             (31)                     2,020 
in creditors and 
accruals 
 
Tax paid                                        (78)                     (846) 
 
Net cash inflow/(outflow)                      2,964                     (266) 
from operating activities 
 
2.    Reconciliation of net cash           Unaudited                 Unaudited 
flow to movement in net debt                6 months                  6 months 
                                         to 30/06/18                  30/06/17 
                                               GBP'000                     GBP'000 
 
Increase/(decrease) in                         1,666                   (5,952) 
cash in the period 
 
Change in net debt                             1,666                   (5,952) 
resulting from cash 
flows 
 
Non cash movements                             (119)                     (119) 
 
Net debt at 1 January                        (2,639)                     5,442 
 
Net debt at 30 June                          (1,092)                     (629) 
 
3.    Analysis of               At 1       Cash flow     Non cash           At 
change in net debt               Jan           GBP'000    changes GBP 30 June 2018 
                                2018                         '000        GBP'000 
                               GBP'000 
 
Cash at bank and in            2,649           1,958            -        4,607 
hand 
 
Cash investments               2,458           (292)            -        2,166 
 
Debt due within one 
year 
 
-     Loan                   (3,000)               -            -      (3,000) 
 
Debt due after one year 
 
-     Loan                   (4,746)               -        (119)      (4,865) 
 
                             (2,639)           1,666        (119)      (1,092) 
 
 
Notes to the Interim Financial Statements 
 
Six months ended 30 June 2018 
 
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 abridged results for the six months ended 30 June 2018 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 2017 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.    GOING CONCERN 
 
The Board has undertaken a full and thorough review of the Group's forecasts 
and associated risks and sensitivities.  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 and the timing of receipts and payments in respect 
of the property redevelopment.  A system of regular reviews of forecast 
business and expected property receipts 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, reducing the 
levels of risk carried by the Group. 
 
The Board has reviewed the cash flow and working capital requirements in 
detail. At the balance sheet date, the Company has adequate cash reserves, 
together with revolving credit facilities which are in place through to March 
2022. 
 
Following this review the Board has concluded that it has a reasonable 
expectation that the Group has adequate resources in place to continue in 
operational existence for the foreseeable future and on that basis the going 
concern basis has been adopted in preparing the financial statements. 
 
3.    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, ground rents received from residents, 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. 
 
4.    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. 
 
5.    NON FRS FINANCIAL INFORMATION 
 
The consolidated profit and loss account includes measures which are not 
accounting measures under UK GAAP which are used to access the financial 
performance of the business. These measures which are termed 'non-GAAP' include 
reference to EBITDA within the Strategic Report. 
 
 
 
 
Notes to the Interim Financial Statements 
Six months ended 30 June 2018 
 
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                                                C E Spencer 
Chief Executive                             Finance Director 
 
20 September 2018                                   20 September 2018 
 
Notes to the Interim Financial Statements 
Six months ended 30 June 2018 
 
6.    SEGMENTAL ANALYSIS 
 
30 June 2018            Turnover     Gross      Profit/   Profit/      *Net 
                           GBP'000    profit       (loss)    (loss)    Assets 
                                     GBP'000       Before    before     GBP'000 
                                           interest and tax GBP'000 
                                            exceptional 
                                                  items 
                                                  GBP'000 
 
Trading                    6,248       657        (518)     (664)    26,593 
 
Nursery                      749       284          284       284     2,728 
 
Lodge                        306        37           37        37     3,419 
 
Property                      29        29         (74)       120    15,668 
 
Total                      7,332     1,007        (271)     (223)    48,408 
 
30 June 2017            Turnover     Gross      Profit/   Profit/      *Net 
(restated)                 GBP'000    profit       (loss)    (loss)    Assets 
                                     GBP'000       Before    before     GBP'000 
                                           interest and tax GBP'000 
                                            exceptional 
                                                  items 
                                                  GBP'000 
 
Trading                    6,066       655        (496)     (629)    26,736 
 
Nursery                      645       232          232       232     2,847 
 
Lodge                        268        45           45        45     1,203 
 
Property                      31        31         (74)         9    16,247 
 
Total                      7,010       963        (293)     (343)    47,033 
 
* 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. 
 
7.    EXCEPTIONAL ITEMS 
 
                                                                   2018 
                                                                  GBP'000      2017 
                                                                            GBP'000 
 
DWH debtor movement in                                              194        81 
fair value 
 
Total                                                               194        81 
 
In accordance with the audited financial statements, accounting transactions 
related to the DWH agreement are considered outside the ordinary course of 
business. 
 
8.    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. 
 
9.    PROFIT PER SHARE 
 
Basic and diluted loss per share of 4.0p is calculated by dividing the loss 
attributable to ordinary shareholders for the period ended 30 June 2018 of GBP 
135,000 (2017: loss GBP401,000) by the weighted average number of ordinary shares 
during the period of 3,348,326 (2017: 3,348,326). 
 
Notes to the Interim Financial Statements 
Six months ended 30 June 2018 
 
10.   TANGIBLE FIXED ASSETS 
 
GROUP                                       Freehold    Fixtures Tractors    Total 
                                               land,    fittings      and    GBP'000 
                                           buildings         and    motor 
                                                 and equipment GBP vehicles 
                                             outdoor        '000    GBP'000 
                                            fixtures 
                                               GBP'000 
 
Cost or valuation 
 
As at 1 January 2018                          45,907       6,360      287   52,554 
 
Additions                                      1,727 808                     2,535 
 
As 30 June 2018                               47,634       7,168      287   55,089 
 
Depreciation 
 
At 1 January 2018                             14,948       3,862      184   18,994 
 
Charge for year                                  609         132        5      746 
 
At 30 June 2018                               15,557       3,994      189   19,740 
 
Net book value at 30 June                     32,077       3,174       98   35,349 
2018 
 
Net book value at 31 December                 30,959       2,498      103   33,560 
2017 
 
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 GBP32,002,000 (2017 GBP 
30,884,000). 
 
11.   INVESTMENT PROPERTY 
 
GROUP 
                                                                  2018      2017 
                                                                 GBP'000     GBP'000 
 
At 1 January                                                     1,112     1,112 
 
At 31 December                                                   1,112     1,112 
 
 
Investment in property relates to freehold interests owned by the Group for the 
purpose of generating rental returns and is held at fair value. 
 
12.   SHARE CAPITAL 
 
                                                                 2018      2017 
                                                                GBP'000     GBP'000 
 
Authorised 
 
Ordinary shares of 10p each                                       600       600 
 
Total                                                             600       600 
 
                                                                 2018      2017 
                                                                GBP'000     GBP'000 
 
Allotted and fully paid 
 
Ordinary shares of 10p each                                       335       335 
 
Total                                                             335       335 
 
 
Notes to the Interim Financial Statements 
Six months ended 30 June 2018 
 
13.   RETIREMENT BENEFIT OBLIGATIONS 
 
The defined benefit obligation at 30 June 2018 has not been restated from the 
figures recorded at 31 December 2017 which were calculated in accordance with 
FRS102 s.28, as in the Directors' opinion there have not been any significant 
fluctuations in the key assumptions. 
 
14.   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 2017 Annual Report and 
Accounts. 
 
15.   EXPLANATION OF PRIOR YEAR ADJUSTMENTS 
 
In 2017, the Group restated comparative financial information in order to bring 
certain accounting treatments in line with the requirements of FRS 102, the 
financial statements for the year ended 31 December 2017 provide full details 
of the prior year adjustments. 
 
In the interim financial statements for the six months ended 30 June 2018, this 
has affected the prior year comparative numbers, as at 30 June 2017 turnover 
has been reduced by GBP25k being the reversal of the lease asset receivables 
rents recognised in the period and the David Wilson Homes finance charge 
release of GBP81k has been reallocated from interest receivable to exceptional 
items. 
 
[1] 2017 turnover and costs of sale have been restated in line with the revised 
accounting policy per the 2017 year end accounts, in accordance with the 
requirements of FRS102 
 
[2] 2017 turnover and costs of sale have been restated in line with the revised 
accounting policy per the 2017 year end accounts, in accordance with the 
requirements of FRS102 
 
 
 
END 
 

(END) Dow Jones Newswires

September 21, 2018 02:00 ET (06:00 GMT)

1 Year Newbury Racecourse Chart

1 Year Newbury Racecourse Chart

1 Month Newbury Racecourse Chart

1 Month Newbury Racecourse Chart
Your Recent History
NEX
NYR
Newbury Ra..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20191018 05:54:52