Annual report and financial statements

The directors present their report, together with the financial statements, on the company for the year ended 31 December 2025

Ascot Racecourse Estates (Property Development) Limited carries out the Ascot Authority (Holdings) Limited group's property development business.

The company continues to investigate development projects on behalf of the group. Both the level of business and the financial position at 31 December 2025 were satisfactory. The directors anticipate a similar level of business and profitability will be sustained in the foreseeable future.

The profit for the financial year is £18,000 (2024: £30,000 profit). The directors do not recommend the payment of a dividend for the year ended 31 December 2025 (2024: £nil).

The directors and officers of the company who held office during the year and up to the date of the signing of the financial statements, unless otherwise stated were as follows:

As permitted by the Articles of Association, the Directors have the benefit of an indemnity provided by Ascot Authority (Holdings) Limited for directors and officers of group companies which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 and section 414B of the Companies Act 2006 and a strategic report is not included.

The directors believe the company has little exposure to price risk, credit risk, liquidity risk or interest rate risk. The risk profile will be reviewed as and when the company undertakes another development project.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

The directors 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.

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 enable them to ensure that the financial statements comply with the Companies Act 2006.

In the case of each director in office at the date the directors’ report is approved:

In accordance with section 479A of the Companies Act 2006 (“the Act”), the company, as a wholly owned subsidiary of a company registered in the United Kingdom, is entitled to exemption from audit as conferred by the Act.

On behalf of the Board

All results derive from continuing operations.

The company has no other comprehensive income or expense other than the results above, and therefore no separate statement of total comprehensive income has been presented.

The notes on pages 7 to 9 are an integral part of these financial statements.

For the year ending 31 December 2025 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

Date: 9 July 2026

Ascot Racecourse Estates (Property Developments) Limited (‘the company’) is a private company limited by shares and is incorporated in England. The address of its registered office is Ascot Racecourse, Ascot, Berkshire, SL5 7JX and the financial statements are available at this address.

The financial statements of Ascot Racecourse Estates (Property Developments) Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”) and the Companies Act 2006.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented.

These financial statements are prepared on a going concern basis, under the historical cost convention.

b) Exemptions for qualifying entities under FRS102

As permitted by FRS 102 paragraphs 1.11 and 1.12, having previously obtained shareholder approval to do so, the company has made use of the exemptions from:

c) Consolidated financial statements

The company is a wholly owned subsidiary of Ascot Authority (Holdings) Limited. Its result is included in the consolidated financial statements of Ascot Authority (Holdings) Limited which are publicly available. These financial statements are the company’s separate financial statements.

d) Revenue recognition

Turnover, which excludes value added tax, represents income received and receivable on development projects. Turnover is recognised following the receipt of stage certificates of completion.

e) Related party transactions

The company is exempt under the terms of FRS102 paragraph 33.1 from disclosing related party transactions with entities that are part of Ascot Authority (Holdings) Limited group.

The company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the company financial statements.

f) Significant judgements and accounting estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The directors do not consider that any of the accounting judgements or estimates made have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year.

The company has no employees (2024: none). A management charge is made to the company by Ascot Racecourse Limited to reflect the services provided by the directors and other staff to the company. The cost of other staff amounts to £5,000 (2024: £4,000).

The company has taken the exemption from audit under section 479A of the Companies Act 2006 for the year ended 31 December 2025. Accordingly, no audit fees were paid during the year (2024: £nil).

No director is paid by the company (2024: none). Instead directors are paid by Ascot Racecourse Limited for their services to various companies in the Ascot Authority (Holdings) Limited group. The proportion of their emoluments which relates to management of the affairs of the company is recharged and amounts to £19,000 (2024: £18,000). The emoluments and any retirement benefits due to these directors are further disclosed in the financial statements of Ascot Authority (Holdings) Limited.

The company has no deferred tax asset or liability at the balance sheet date (2024: none).

b) Reconciliation of tax charge

Tax assessed for the year is lower (2024: lower) than the standard rate of corporation tax in the United Kingdom for the year ended 31 December 2025 of 25.0% (2024: 25.0%). The differences are explained below:

Amounts owed by group undertakings are unsecured and receivable on demand. Interest is received at 0.50% (2024: 0.50%) below the rate received by Ascot Authority (Holdings) Limited on its deposits with third party banks.

1 ordinary share of £1 each (2024: 1 ordinary share)

The immediate parent undertaking is Ascot Authority (Holdings) Limited which is also the parent undertaking of the smallest and largest company to consolidate these financial statements. Copies of the consolidated financial statements of Ascot Authority (Holdings) Limited are available from its registered office: The Company Secretary, Ascot Racecourse, Ascot, Berkshire SL5 7JX.

Sir Francis Brooke Bt., H M C Morley and Lady Celina Carter are non-beneficial Trustees of the Ascot Authority, a body which owns the entire share capital of Ascot Authority (Holdings) Limited. The Ascot Authority is therefore the ultimate parent undertaking of the company and the above Trustees are therefore the ultimate controlling parties. The Ascot Authority is the parent of the only group including the company. The Ascot Authority is not required to prepare consolidated financial statements, its principal place of business is Ascot Racecourse, Ascot, Berkshire SL5 7JX.