Jockey Club Racecourses Limited Notes to the financial statements Year ended 31 December 2021
23. Operating lease commitments Future minimum rentals payable under non-cancellable operating leases are as follows: 2021
2020
£m
£m
0.5 1.0 0.2
0.4 1.0 0.2
Within one year
In two to five years In over five years
1.6
1.7
Contingent liabilities At 31 December 2021 there were the following contingent liabilities: The company has guaranteed a loan of £1,312,958 (2020: £1,321,429) payable by Jockey Club Farming Company Limited to Jockey Club Estates Limited.
24.
25. Ultimate parent undertaking The company's ultimate parent and controlling undertaking is The Jockey Club, a company incorporated in Great Britain by Royal Charter and registered in England and Wales. The company's immediate parent company is Jockey Club Racecourses (Holdings) Limited, a company registered in England and Wales whose registered address is 75 High Holborn, London, WC1V 6LS. The largest and smallest group for which statutory group accounts are prepared is headed by Jockey Club Racecourses (Holdings) Limited. The group financial statements for Jockey Club Racecourses (Holdings) Limited are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ. 26. Related party transactions Jockey Club Racecourses Limited has loans from its ultimate parent undertaking, The Jockey Club, and its fellow subsidiaries, Jockey Club Estates Limited and The Jockey Club Racecourse Bond Company Plc, details of which are set out in note 15 and 16. Jockey Club Racecourses Limited has loaned Epsom Racecourse Hotel Company Limited £6.3m (2020: £6.3m) and National Stud Limited £0.4m (2020: £0.4m). The income statement includes £38.8m (2020: £19.7m) in licence fees receivable from, and £1.2m (2020: £1.3m) in Racetech fees payable to, Racing UK Limited; £nil (2020: £0.2m) dividends receivable from Racecourse Media Services Limited; and £17.9m (2020: £21.9m) in licence fees receivable from Racecourse Retail Business Limited At 31 December 2021, the company was owed the following amounts by related parties:
British Champions Series Limited £0.5m (2020: £0.6m) Racecourse Retail Business Limited £2.2m (2020: £2.2m) Britbet Racing LLP £1.8m (2020: £2.1m)
At 31 December 2021, the company owed the following amounts to related parties: Britbet Racing LLP £1.5m (2020: £1.5m)
Key management personnel include all directors of the company who together have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £0.8m (2020: £1.4m).
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