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REGISTERED NUMBER: 02859086 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Royal Adelaide Hotel (Windsor) Limited

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Chartered Accountants' Report | 2 |

Statement of Financial Position | 3 |

Notes to the Financial Statements | 5 |

Royal Adelaide Hotel (Windsor) Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | M Booth

| E Booth

| SECRETARY: | E Booth

| REGISTERED OFFICE: | Second Floor

| Curzon House

| 24 High Street

| Banstead

| Surrey

| SM7 2LJ

| REGISTERED NUMBER: | 02859086 (England and Wales)

| ACCOUNTANTS: | Ascendant Partners Limited

| Second Floor

| Curzon House

| 24 High Street

| Banstead

| Surrey

| SM7 2LJ

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Royal Adelaide Hotel (Windsor) Limited for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Royal Adelaide Hotel (Windsor) Limited, as a body, in accordance with the terms of our engagement letter dated 6 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Royal Adelaide Hotel (Windsor) Limited and state those matters that we have agreed to state to the Board of Directors of Royal Adelaide Hotel (Windsor) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Royal Adelaide Hotel (Windsor) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Royal Adelaide Hotel (Windsor) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Royal Adelaide Hotel (Windsor) Limited. You consider that Royal Adelaide Hotel (Windsor) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Royal Adelaide Hotel (Windsor) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ascendant Partners Limited

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

12 August 2025

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

Statement of Financial Position

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 4 | 1,021,881 |  | 1,075,273 |  |

CURRENT ASSETS

Inventories | 14,180 |  | 15,211 |  |

Debtors | 5 | 1,605,394 |  | 1,550,843 |  |

Cash at bank and in hand | 94,961 |  | 52,837 |  |

1,714,535 |  | 1,618,891 |  |

CREDITORS

Amounts falling due within one year | 6 | 155,206 |  | 179,750 |  |

NET CURRENT ASSETS | 1,559,329 |  | 1,439,141 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,581,210 |  | 2,514,414 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (763,052 | ) | (817,747 | ) |

PROVISIONS FOR LIABILITIES | 10 | (27,763 | ) | (30,138 | ) |

NET ASSETS | 1,790,395 |  | 1,666,529 |  |

CAPITAL AND RESERVES

Called up share capital | 10,000 |  | 10,000 |  |

Retained earnings | 1,780,395 |  | 1,656,529 |  |

SHAREHOLDERS' FUNDS | 1,790,395 |  | 1,666,529 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 profit or loss 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.

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

Statement of Financial Position - continued

31 December 2024

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:

E Booth - Director

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Royal Adelaide Hotel (Windsor) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors have reviewed this and consider it appropriate to prepare the financial statements on a going concern basis.

| Revenue

| Revenue represents net invoiced sales, excluding value added tax. Revenue is recognised on date of guest departure.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2 - 12.5% per annum on cost

| Fixtures and fittings | - | 25% per annum on reducing balance

| Computer equipment | - | 25% per annum on cost

| Inventories

| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 22 (2023 - 23 ) .

4. | PROPERTY, PLANT AND EQUIPMENT

| Fixtures |

| Freehold |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 1,241,829 |  | 930,381 |  | 50,527 |  | 2,222,737 |  |

| Additions | - |  | 26,314 |  | 4,003 |  | 30,317 |  |

| Disposals | - |  | (12,572 | ) | - |  | (12,572 | ) |

| At 31 December 2024 | 1,241,829 |  | 944,123 |  | 54,530 |  | 2,240,482 |  |

| DEPRECIATION

| At 1 January 2024 | 328,162 |  | 771,918 |  | 47,384 |  | 1,147,464 |  |

| Charge for year | 35,099 |  | 41,997 |  | 1,371 |  | 78,467 |  |

| Eliminated on disposal | - |  | (7,330 | ) | - |  | (7,330 | ) |

| At 31 December 2024 | 363,261 |  | 806,585 |  | 48,755 |  | 1,218,601 |  |

| NET BOOK VALUE

| At 31 December 2024 | 878,568 |  | 137,538 |  | 5,775 |  | 1,021,881 |  |

| At 31 December 2023 | 913,667 |  | 158,463 |  | 3,143 |  | 1,075,273 |  |

| Included in cost of land and buildings is freehold land of £ 592,206 (2023 - £ 592,206 ) which is not depreciated.

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 10,481 |  | 23,907 |  |

| Amounts owed by group undertakings | 1,589,541 |  | 1,484,623 |  |

| Prepayments | 5,372 |  | 42,313 |  |

1,605,394 |  | 1,550,843 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts | 38,000 |  | 38,000 |  |

| Trade creditors | 28,734 |  | 55,598 |  |

| Social security and other taxes | 56,780 |  | 50,871 |  |

| Other creditors | 13,443 |  | 17,536 |  |

| Accrued expenses | 18,249 |  | 17,745 |  |

155,206 |  | 179,750 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans - 1-2 years | 15,833 |  | 38,000 |  |

| Bank loans - 2-5 years | - |  | 15,833 |  |

| Directors' loan accounts | 747,219 |  | 763,914 |  |

763,052 |  | 817,747 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | - |  | 1,015 |  |

9. | SECURED DEBTS

| HSBC UK Bank Plc holds a legal charge dated 13 May 2020 over the company's freehold property, and fixed and floating charges over the other assets of the company.

| The bank overdraft is secured by a personal guarantee from the directors of £150,000.

10. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 27,763 |  | 30,138 |  |

Royal Adelaide Hotel (Windsor) Limited (Registered number: 02859086)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 30,138 |  |

| Credit to Income Statement during year | (2,375 | ) |

| Balance at 31 December 2024 | 27,763 |  |

11. | RELATED PARTY DISCLOSURES

| The company is a subsidiary of Historic Windsor Hotels Limited. The directors Mr M Booth and Mrs E Booth are also directors of The Christopher Hotel Eton Limited, which is a fellow subsidiary of Historic Windsor Hotels Limited. During the year under review the company paid management charges to Historic Windsor Hotels Limited of £71,980 (2023: £44,000).

| At the balance sheet date, the amounts outstanding were as follows:

|  | 2024 |  | 2023 |

|  | Due from |  | Due to |  | Due from |  | Due to |

|  | £ |  | £ |  | £ |  | £ |

| Historic Windsor Hotels Limited |  | 1,207,691 |  |  | - |  |  | 1,160,460 |  |  | - |

| The Christopher Hotel Eton Limited |  | 381,850 |  |  | - |  |  | 324,163 |  |  | - |

|  | 1,589,541 |  |  | - |  |  | 1,484,623 |  |  | - |

| The loans are interest free and repayable on demand.

| At the balance sheet date the amount owed by the company to the directors was £747,219 (2023 : £763,914). This loan is interest free.

12. | ULTIMATE CONTROLLING PARTY

| The company is a wholly-owned subsidiary of Historic Windsor Hotels Limited, which is controlled by Mr and Mrs Booth. Historic Windsor Hotels Limited's registered office address is Second Floor, Curzon House, 24 High Street, Banstead, Surrey SM7 2LJ.