Company registration number: 01660972
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents the strategic report for the year ended 31 March 2025.
The Statement of Income and Retained Earnings set out on page 10 shows that the Company’s turnover for the year is £21,631,889 (2024: £19,813,223) and that the Company made a profit after tax for the year of £490,081 (2024: £621,452).
Turnover has increased by 9% (2024: 8%) whilst EBITDA increased to £1,640,690 (2024: £1,577,378).
Turnover has increased by 9% (2024: 8%) whilst EBITDA increased to £1,640,690 (2024: £1,577,378).
The director considers the principal risks and uncertainties faced by the Company to be:
∙Competition from rival leisure resorts, golf complexes, health spas and hotels.
∙Maintaining the current level of membership.
∙Retaining high calibre staff to maintain the reputation of the club.
The board monitors these risks and implements policies to mitigate them which include:
∙Regular reviews of member feedback.
∙Maintaining excellent relationships between members and management to ensure any concerns are promptly addressed.
∙Analysis of the competing clubs in the local areas.
∙Offering staff competitive remuneration packages.
The Company uses KPIs typical in the leisure business to monitor and measure progress. These include monitoring of sales, EBITDA, and profit before tax, as well as more detailed KPIs such as labour productivity, sales margins and service standards.
The Company’s main key performance indicator is Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) which the director monitors monthly. These have been referred to above.
The Company’s main key performance indicator is Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) which the director monitors monthly. These have been referred to above.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company’s operations expose it to limited financial risks that include liquidity risk and credit risk.
The Company’s credit risk is primarily attributable to collection of membership fees. The Company manages credit risk by requesting upfront payment for membership fees and deposits, and by employing strict credit control procedures.
The Company manages day to day cash flow through regular monitoring and forecasting to ensure liabilities can be settled as they fall due. When necessary the group is able to provide support to each of the group companies to meet the day to day liquidity requirements.
The Company’s credit risk is primarily attributable to collection of membership fees. The Company manages credit risk by requesting upfront payment for membership fees and deposits, and by employing strict credit control procedures.
The Company manages day to day cash flow through regular monitoring and forecasting to ensure liabilities can be settled as they fall due. When necessary the group is able to provide support to each of the group companies to meet the day to day liquidity requirements.
This report was approved by the board and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting 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.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £490,081 (2024 - £621,452).
The director does not recommend payment of a final dividend.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company acknowledges that the way our customers interact with us is changing rapidly. The Company seeks to understand ways in which to improve our customers online journey with us and seeks beneficial tools that can be deployed within our environment.
The Company completed the final phase of multi-year improvements to the Longcross Course during the winter of 24/25 and is currently assessing what improvements should be made to our other courses in conjunction with reviewing our long-term water strategy for the business.
Since the opening of the Pavilion building at Foxhills, Leisure has seen strong growth. We will look at opportunities to improve and expand the leisure offer to members, within what is possible within the planning framework.
The management are working on a long-term hotel strategy to look at how best to continue to improve these facilities and cater for future growth. We have completed the refurbishment of over half the bedroom stock in past 2 years and will complete the refurbishment of the ground floor of the Manor House over the next 6 months.
The Company completed the final phase of multi-year improvements to the Longcross Course during the winter of 24/25 and is currently assessing what improvements should be made to our other courses in conjunction with reviewing our long-term water strategy for the business.
Since the opening of the Pavilion building at Foxhills, Leisure has seen strong growth. We will look at opportunities to improve and expand the leisure offer to members, within what is possible within the planning framework.
The management are working on a long-term hotel strategy to look at how best to continue to improve these facilities and cater for future growth. We have completed the refurbishment of over half the bedroom stock in past 2 years and will complete the refurbishment of the ground floor of the Manor House over the next 6 months.
It is the Company’s policy to provide employees with information concerning their roles and responsibilities. This policy is to ensure opportunities are available at every level to improve employees’ and corporate performance. Regular meetings are held which involve directors, managers and staff.
We invest heavily in training by involving international experts in the personal development of the leadership team.
Employee development and equal opportunities
The Company is committed to ensuring it recruits and promotes the right people regardless of gender, disability, age, sexual orientation, or race, and is committed to a culture of meritocracy whereby career progression is based on ability. It facilitates opportunity for all employees to progress and regularly review policies and practices. It regards its people as its most important asset and is committed to investing in them to achieve their full potential, without discrimination.
People with disabilities are given equal opportunity wherever they can fulfil the requirements of the job. If an employee becomes disabled during their employment with the Company every reasonable effort is made to enable them to continue their career within the Company.
We invest heavily in training by involving international experts in the personal development of the leadership team.
Employee development and equal opportunities
The Company is committed to ensuring it recruits and promotes the right people regardless of gender, disability, age, sexual orientation, or race, and is committed to a culture of meritocracy whereby career progression is based on ability. It facilitates opportunity for all employees to progress and regularly review policies and practices. It regards its people as its most important asset and is committed to investing in them to achieve their full potential, without discrimination.
People with disabilities are given equal opportunity wherever they can fulfil the requirements of the job. If an employee becomes disabled during their employment with the Company every reasonable effort is made to enable them to continue their career within the Company.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINDSOR HOLDINGS LIMITED
We have audited the financial statements of Windsor Holdings Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINDSOR HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINDSOR HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙Companies Act 2006;
∙Financial Reporting Standard 102;
∙UK employment legislation;
∙UK health and safety legislation; and
∙General Data Protection Regulations.
We assessed the extent of compliance with this and other laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries tomanagement and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence andcapabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisationfor fraud and identified the greatest potential for fraud in the following areas;
∙ Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount; and
∙ Estimates adopted by management in connection with cut off around the recognition of revenue and deferred income.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINDSOR HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
Page 10
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 22 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Windsor Holdings Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006, registered in England and Wales. The address of the registered office and principal place of business is given on the company information page of these financial statements.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Alexander Fraser Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
Green fees and related golf and leisure turnover are recognised on the day of sale. Membership fee income is recognised over the life of the membership. Event and room income is recognised when the service has been provided.
Turnover includes rental income on assets leased under operating leases and is recognised on a straight-line basis over the lease term.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The directors do not consider there to be any key sources of estimation uncertainty.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £123,592 (2024: £105,391).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company has taken advantage of the exemptions provided by Section 33 of FRS 102 "Related Party Disclosures" and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.
The Company’s immediate and ultimate parent company is Alexander Fraser Holdings Limited, a company incorporated in England and Wales.
The ultimate controlling party of Alexander Fraser Holdings Limited is P L Hayton, due to her majority shareholding.
Alexander Fraser Holdings Limited is both the smallest and largest company for which consolidated financial statements drawn up for the group of which the Company is a member. The consolidated accounts for Alexander Fraser Holdings Limited may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
The ultimate controlling party of Alexander Fraser Holdings Limited is P L Hayton, due to her majority shareholding.
Alexander Fraser Holdings Limited is both the smallest and largest company for which consolidated financial statements drawn up for the group of which the Company is a member. The consolidated accounts for Alexander Fraser Holdings Limited may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
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