Company registration number: 00644306
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present the strategic report for the year ended 31 March 2025.
The Consolidated Statement of Income and Retained Earnings set out on page 11 shows that the Group’s turnover for the year is £24,705,101 (2024: £23,092,124) and that the Group made a profit after tax for the year of £2,971,851 (2024: £3,304,667).
Turnover has increased by 7% (2024: 8.4%) and EBITDA decreased to £4,890,131 (2024: £5,034,588). This increase in revenue is the result of the investments made in the facilities, opening new Padel and Pickleball courts, concluding our investment in the Longcross course at Foxhills and refurbishing more of the room stock and opening the new gym in May 2024.
The Group ended the year with a healthy balance sheet, displaying a strong net asset and total equity position of £57,106,148 (2024: £54,616,725). The net asset position is helped by a strong cash and in hand balance of £9,365,006 (2024: £8,046,537).
Turnover has increased by 7% (2024: 8.4%) and EBITDA decreased to £4,890,131 (2024: £5,034,588). This increase in revenue is the result of the investments made in the facilities, opening new Padel and Pickleball courts, concluding our investment in the Longcross course at Foxhills and refurbishing more of the room stock and opening the new gym in May 2024.
The Group ended the year with a healthy balance sheet, displaying a strong net asset and total equity position of £57,106,148 (2024: £54,616,725). The net asset position is helped by a strong cash and in hand balance of £9,365,006 (2024: £8,046,537).
The directors consider the principal risks and uncertainties faced by the Group 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 Group uses KPI’s 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 KPI’s such are labour productivity, sales margins and service standards.
The Group’s main key performance indicator is Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) which the director monitors monthly.
The Group’s main key performance indicator is Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) which the director monitors monthly.
The Group’s operations expose it to limited financial risks that include liquidity risk and credit risk. The Group’s credit risk is primarily attributable to collection of membership fees.
The Group manages credit risk by requesting upfront payment for membership fees and deposits, and by employing strict credit control procedures. The Group 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 Group manages credit risk by requesting upfront payment for membership fees and deposits, and by employing strict credit control procedures. The Group 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.
Page 1
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders and other matters in their decision making. The Board of Directors consider that the decisions they have made during the financial year and the way they have acted have promoted the success of the Company for the benefit of its members as a whole, having regard for the stakeholders and matters set out in s172 (1) (a-f) of the Act.
The Mission of the Company is ‘when you leave, you feel better than when you arrive’. This applies to everything we do, from the creche to conferences, spa days to Sunday lunch. It applies to everyone, from colleague, client and the community we serve. Naturally, we focus on developing strong long term relationships with all stakeholders through a variety of means, some of which are listed below.
Colleagues
We understand the importance of our team’s well-being, engagement and motivation. These are essential to the long term success of all concerned. How do we achieve this?
The Mission of the Company is ‘when you leave, you feel better than when you arrive’. This applies to everything we do, from the creche to conferences, spa days to Sunday lunch. It applies to everyone, from colleague, client and the community we serve. Naturally, we focus on developing strong long term relationships with all stakeholders through a variety of means, some of which are listed below.
Colleagues
We understand the importance of our team’s well-being, engagement and motivation. These are essential to the long term success of all concerned. How do we achieve this?
∙One of our values is ‘to Belong’. The Management foster this through the staff engagement committee, 1-2-1 meetings and other internal communication. Town Hall meetings are held each quarter hosted by the leadership team including the FD who delivers financial update.
∙Sports days and annual parties are organised and each department has a ‘Fun budget’ to foster team spirit.
∙The CEO attends every new colleague induction and the MD hosts a new colleague breakfast.
∙Offering staff access to our sports facilities to improve health and wellbeing.
∙Encouraging internal promotions and career development.
∙Another of our values is ‘to Make a Difference’, colleagues are encouraged and rewarded for their ideas.
∙Colleagues participate in managers’ 360 degree appraisals and vote on ‘employee of the month’.
∙Monthly employee awards, annual long service celebration.
∙Preferential rates on dining, spa and retail products and a complimentary hotel stay on each work anniversary.
∙Providing agreed bonuses to recognise great performance and customer service.
∙A third value is ‘Never Stop Learning’ so we provide plenty of opportunities for colleagues to develop their skills or add new skills through both internal and external training courses. The club has significantly increased training budgets.
∙Access to Hospitality Aid, to provide wide-ranging support when needed.
∙Colleague Portal for discounts and offers to help with cost of living.
Suppliers
To help us provide the highest quality service to our guests we have developed strong relationships with a wide range of suppliers (over 40 years in at least one case). Whilst the Group recognises the need for cost control, it also recognises the loyalty of long term suppliers that support the business with high quality services. How do we achieve this?
To help us provide the highest quality service to our guests we have developed strong relationships with a wide range of suppliers (over 40 years in at least one case). Whilst the Group recognises the need for cost control, it also recognises the loyalty of long term suppliers that support the business with high quality services. How do we achieve this?
∙A small team can engage regularly with critical suppliers and our Leadership Team are accessible to suppliers.
∙Payment of these suppliers in accordance with our supplier payment policy.
∙All things being equal, we will take a ‘local first’ approach to procurement.
Page 2
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
We are privileged to have so many supportive members and clients. The Group recognised this support in particularly during the Covid pandemic with their support and loyalty to the business. We never take for granted our members or clients and seek their opinions on a wide range of matters. How do we achieve this?
∙New member mixers where new members can meet the team and other members and learn about the facilities and activities on offer
∙Member surveys, committee meetings.
∙Regular communications with members on upcoming activities and on any issues around the club that may impact on them where they occur. The management often seek the opinion of members through informal contact and will regularly be seen engaging within the operation.
∙All customer reviews are discussed internally and, where possible, addressed directly.
∙Managers who walk the floor, talking to members and guests about any ideas or concerns.
Community
∙Fundraising. Each month both clubs issues vouchers to support local fundraising.
∙Foxhills Community Camps. Set up in 2019, the Camps provide four weeks of safe, supervised fun summer camps for the most deserving local children.
∙Foxhills Foundation. Founded over 30 years ago, the Foundation provides membership and coaching for aspiring local golfers whose circumstance might not enable them to develop a love of the game. Former graduates include Ryder Cup player, Paul Casey.
∙Charity rates are offered to local fundraising events.
∙A limited number of preferential membership rates are offered to local key workers.
∙Apprenticeships.
∙Careers advice. Managers visit local colleges to talk to young people considering career options.
This report was approved by the board and signed on its behalf.
Page 3
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The principal activities of the Company and its subsidiaries (the 'Group') is that of ownership and operation of Foxhills Golf and County Club and Farleigh Golf Club.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £2,971,851 (2024 - £3,304,667).
Dividends of £482,428 were paid in the year (2024: £579,338). The directors do not recommend payment of a final dividend.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group will continue in business.
The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group acknowledges that the way our customers interact with us is changing rapidly. The Group 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 Group is also undertaking the final phase of multi-year improvements to the Longcross Course during the winter of 24/25. We are also 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.
We will assess the government changes to planning policy and submit applications that improve members and guest experience to add value to both clubs.
The Group is also undertaking the final phase of multi-year improvements to the Longcross Course during the winter of 24/25. We are also 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.
We will assess the government changes to planning policy and submit applications that improve members and guest experience to add value to both clubs.
It is the Group’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.
We invest heavily in training by involving international experts in the personal development of the leadership team.
The Group 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 Group.
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 Group.
The Group has taken the option to exclude from its report any energy and carbon information relating to a subsidiary which would not itself be obliged to include reporting in its own financial statements. The parent Company's energy consumption in the United Kingdom for the year is 40,000kWh or lower and therefore is a low energy user, and so is not required to make energy disclosures. Therefore, no disclosures are required in relation to Green House Gas Emissions, Energy Consumption and Energy Efficiency Action.
Page 5
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company has chosen in accordance with Section 414C(11) of the Company Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors at the time when this Directors' Report is approved has confirmed that:
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.
Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALEXANDER FRASER HOLDINGS LIMITED
We have audited the financial statements of Alexander Fraser Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 directors' 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 Group's or the parent 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 directors 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 directors are 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 ALEXANDER FRASER HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALEXANDER FRASER 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 Group 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 Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the Companies Act 2006 and the Food Safety Act 1990 were the most significant laws and regulations applicable to the Group.
We assessed the extent of compliance with these and other relevant laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company and Group are complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities 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 Group’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 organisation for 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.
∙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 ALEXANDER FRASER HOLDINGS LIMITED (CONTINUED)
This report is made solely to the parent 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 parent 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 parent Company and the parent 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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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
Page 11
CONSOLIDATED 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 19 to 35 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
Page 13
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
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 19 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 15
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 16
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Page 17
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Alexander Fraser Holdings Limited ("the Company") is a private limited company incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered office and principal place of business is shown on the company information page.
The Group consists of Alexander Fraser Holdings Limited and all of its subsidiaries. Its associate, Alexander Fraser Developments Limited is not included in this consolidation as stated in Note 16.
The Company's and the Group's principal activities and nature of its operations are disclosed in the Directors' Report.
The Group consists of Alexander Fraser Holdings Limited and all of its subsidiaries. Its associate, Alexander Fraser Developments Limited is not included in this consolidation as stated in Note 16.
The Company's and the Group's principal activities and nature of its operations are disclosed in the Directors' Report.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
Reduced Disclosure Exemptions
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements:
- Section 7 Statement of Cash Flows;
- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
- Section 11 ‘Basic Financial Instruments’; and
- Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breached, details of hedges, hedging fair valuechanges recognised in profit or loss and in other comprehensive income.
The following principal accounting policies have been applied:
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
Reduced Disclosure Exemptions
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements:
- Section 7 Statement of Cash Flows;
- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
- Section 11 ‘Basic Financial Instruments’; and
- Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breached, details of hedges, hedging fair valuechanges recognised in profit or loss and in other comprehensive income.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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)
Goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Depreciation is only charged once an asset is ready for use within the business and is charged on the following basis:
The Companies Act requires all property, excluding land, to be depreciated over its useful economic life. However, the directors consider that to depreciate the property would not give a true and fair view, as the value of the property is maintained by the directors' policy of regular maintenance and repair work.
If this departure had not been made, the profit for the year would have been reduced by depreciation. However, the amount of the depreciation cannot reasonably be quantified because depreciation is only one of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be seperately identified or quantified. Any depreciation charge to the Statement of Comprehensive Income would be immaterial due to the high residual value of the property.
If this departure had not been made, the profit for the year would have been reduced by depreciation. However, the amount of the depreciation cannot reasonably be quantified because depreciation is only one of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be seperately identified or quantified. Any depreciation charge to the Statement of Comprehensive Income would be immaterial due to the high residual value of the property.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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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 revises 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Deferred taxation
Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be available.
The Companies Act requires all property, excluding land, to be depreciated over its useful economic life. However, the directors consider that to depreciate the long term leasehold and freehold property would not give a true and fair view, as the value of the long term leasehold and freehold property is maintained by the director’s policy of regular maintenance and repair work.
If this departure had not been made, the profit for the year would have been reduced by depreciation. However, the amount of the depreciation cannot reasonably be quantified because depreciation is only one of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. Any depreciation charge to the Statement of Income and Retained Earnings would be material, but the directors do not think it is true and fair to show due to the high residual value of the long term leasehold and freehold property.
Investment property valuation
Included within the Foxhills Estate are Mews properties. These properties are let out to individuals who have no direct links with the Group. The properties were last valued in March 2016 as part of the whole estate. A section 106 covenant restricts the ability to sell the properties separately from the estate. The property value has not materially changed due to section 106. Please refer to the note 15.
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements. The profit after tax of the parent Company for the year was £2,542,388 (2024: £2,414,626 ).
Page 27
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
14.Tangible fixed assets (continued)
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Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The 2016 valuations were made by Savills, on an open market value for existing use basis. A revaluation adjustment was passed in line with FRED 67. The property is under section 106 and therefore cannot be sold separately. The value of the property has not materially changed due to not being able to be sold separately.
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Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20.Deferred taxation (continued)
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Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Revaluation reserve
Capital redemption reserve
Profit and loss account
A defined contribution scheme is operated for all qualifying employees. The assets of the scheme are held seperately from those of the Group in an independently administered fund.
As at the year end, included in Group creditors is £27,781 payable in relation to the defined contributions scheme (2024: £25,040). There were £nil contributions included in the balance sheet of the Parent entity for 2025 and 2024.
As at the year end, included in Group creditors is £27,781 payable in relation to the defined contributions scheme (2024: £25,040). There were £nil contributions included in the balance sheet of the Parent entity for 2025 and 2024.
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group had commitments relating to the acquisition of fixtures and fittings amounting to £354,000 committed to as at 31 March 2025 (2024: £573,213).
The ultimate controlling party is P L Hayton, due to her majority shareholding.
Page 35