FAIRYHOUSE CLUB LIMITED REPORTS and FINANCIAL STATEMENTS for the FINANCIAL YEAR ENDED 31 DECEMBER 2019 Registered Number 12814
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FAIRYHOUSE CLUB LIMITED REPORTS AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 Registered Number 12814 FAIRYHOUSE CLUB LIMITED REPORTS AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 Contents Page Directors and Other Information 2 Directors' Report 3 - 5 Report of the Comptroller & Auditor General 6 Statement of Income and Expenditure and Retained Revenue Reserves 9 Statement of Financial Position 10 Notes to the Financial Statements 11 - 25 1 FAIRYHOUSE CLUB LIMITED DIRECTORS AND OTHER INFORMATION Directors Mr. N. Hartery Mr. R. Horan Mr. B. Kavanagh Mr. J. Osborne Secretary Mr. R. Horan Mr. S. Eade (Deputy Company Secretary) Registered Office Horse Racing Ireland Ballymany The Curragh Co. Kildare Auditors Comptroller & Auditor General 3A Mayor Street Upper Dublin 1 Solicitors William Fry 2 Grand Canal Square Dublin 2 Bankers Bank of Ireland 2 College Green Dublin 2 KBC Bank Ireland plc 2 College Green Dublin 2 2 FAIRYHOUSE CLUB LIMITED DIRECTORS' REPORT The directors present their annual report and the audited financial statements for the financial year ended 31 December 2019. Principal activities and business review The principal activities of the company continue to be the holding of race meetings and related activities. The company is a subsidiary of HRI Racecourses Limited and its ultimate parent is Horse Racing Ireland. Results for the financial year 2019 2018 € € (Loss)/profit on ordinary activities before taxation (14,140) 331,268 Tax on (loss)/profit on ordinary activities (14,652) (59,533) (Loss)/profit for the financial year (28,792) 271,735 In the opinion of the directors, the state of affairs of the company is satisfactory. Directors and interests The directors who held office at 31 December 2019 are listed on page 2. The directors and secretary at 31 December 2019 had no interests in the share capital of the company or its fellow subsidiaries. The directors received no fees or expenses in the period (2018: Nil). Please see Horse Racing Ireland for further details. Statement on relevant audit information The directors believe that they have taken all steps necessary to make themselves aware of any relevant audit information and have established that the statutory auditors are aware of that information. In so far as they are aware, there is no relevant audit information of which the auditors are unaware. Accounting records The measures taken by the directors to ensure compliance with the requirements of Section 281 to 285, Companies Act 2014, regarding adequate accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The accounting records of the company are maintained at the company's office at Ballymany, The Curragh, Co. Kildare. 3 FAIRYHOUSE CLUB LIMITED DIRECTORS' REPORT (CONTINUED) Events since the financial year end There has been one significant event affecting the company since the financial year end. 1. The impact of COVID-19 has had a very significant effect on Fairyhouse Club Limited with a loss of Revenue. On the 25th March 2020, all Irish horseracing was cancelled in line with Government guidelines. On 8th June 2020, racing resumed behind closed doors with strict protocols in place. Work is ongoing and the financial impact is still under review. Principal risks and uncertainties There are certain risks and uncertainties which may have an effect on the company's performance. This includes: - where the racecourse is unable to hold a race meeting due to the weather conditions it will endeavour to reschedule the race meeting to a later date. - The impact of COVID-19 and the continued disruption to the racing calendar including racing behind closed doors impacting the company's ability to generate revenue. The company has considered the risks and is in a position to respond quickly to changes in economic conditions to ensure its business objectives are achieved. Auditors In accordance with Section 383 (2) of the Companies Act 2014 and section 13 (2) of the Horse and Greyhound Racing Act 2001, the Comptroller and Auditor General will continue as auditor of the company. Legal Status In accordance with Section 55 of the Companies Act 2014, the Company automatically became a Private Company Limited by Shares (LTD) on 1 December 2016. Directors' responsibilities statement Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with the Companies Act 2014 and generally accepted accounting practice including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014. 4 FAIRYHOUSE CLUB LIMITED DIRECTORS' REPORT (CONTINUED) Directors' responsibilities statement (continued) In preparing these financial statements the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business; and - state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards. The directors are responsible for ensuring that the company keeps adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and directors' report comply with the Companies Act 2014 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Code of Practice for the Governance of State Bodies (2016) The Code of Practice for the Governance of State Bodies (2016) requires additional disclosures in relation to certain categories of expenditure. These requirements have been addressed in the Governance Statements and Statement of internal control within the Group Financial Statements of Horse Racing Ireland. The company was compliant with the Code of Practice for the Governance of State Bodies in 2019 Signed on behalf of the Board Brian Kavanagh Raymond Horan 26/06/2020 Director Director Date 5 FAIRYHOUSE CLUB LIMITED STATEMENT OF INCOME AND EXPENDITURE AND RETAINED REVENUE RESERVES FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 Notes 2019 2018 € € Income from racing 2 3,067,102 2,903,797 Turnover 3,067,102 2,903,797 Operating expenses 4 (3,121,686) (2,670,210) Administrative expenses 4 (240,164) (224,111) Other operating income 5 331,857 328,047 Operating profit 37,109 337,523 Interest receivable 6 51 269 Interest payable 7 (51,300) (6,524) (Loss)/profit on ordinary activities before taxation 8 (14,140) 331,268 Tax on (loss)/profit on ordinary activities 11 (14,652) (59,533) (Loss)/profit for the financial year (28,792) 271,735 Retained surplus at beginning of financial year 771,490 499,755 Retained surplus at end of financial year 742,698 771,490 Notes 1 to 26 form part of these financial statements. The company had no recognised gains and losses in the financial year or the preceding financial year other than those dealt with in the Statement of Income and Expenditure and Retained Revenue Reserves. The results on ordinary activities arises solely from continuing activities. The financial statements were approved by the Board of Directors on 26/06/2020 and signed on its behalf by: Brian Kavanagh Raymond Horan 26/06/2020 Director Director Date 9 FAIRYHOUSE CLUB LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019 Notes 2019 2018 € € Fixed assets Tangible assets 12 11,715,326 12,090,927 Current assets Debtors 13 659,679 969,933 Cash at bank and in hand 531,459 227,489 1,191,138 1,197,422 Creditors: (Amounts falling due within one year) 14 (4,145,820) (4,327,473) Net current liabilities (2,954,682) (3,130,051) Total assets less current liabilities 8,760,644 8,960,876 Creditors: (Amounts falling due after more than one year) 15 (19,420) (22,072) Provision for liabilities 18 (46,235) (50,539) Deferred capital grants 19 (5,129,529) (5,294,013) Net assets 3,565,460 3,594,252 Capital and reserves Called up share capital presented as equity 20 2,545,929 2,545,929 Revaluation reserve 276,833 276,833 Retained surplus 742,698 771,490 Shareholders' funds 3,565,460 3,594,252 Notes 1 to 26 form part of these financial statements. The financial statements were approved by the Board of Directors on 26/06/2020 and signed on its behalf by: Brian Kavanagh Raymond Horan 26/06/2020 Director Director Date 10 FAIRYHOUSE CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 1. Accounting policies The following accounting policies are applied consistently in dealing with items which are considered material in relation to the company's financial statements. General Information and Basis of Accounting Statement of compliance The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value in accordance with the Companies Act 2014 and generally accepted accounting practice including Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.