Annual report and financial statements

The directors present their report and financial statements of the company for the year ended 31 December 2025.

Ascot Racecourse Estates Limited holds and administers, as freeholder or as lessor, the Ascot Authority (Holdings) Limited group's real estate property interests. It negotiates and enters into contracts with third parties for the use and development of the property.

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 £1,521,000 (2024: £1,802,000)

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 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.

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 11 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:

The financial statements on pages 4 to 11 were approved by the board of directors and were signed on its behalf by:

Registered no: 04320979

Date: 9 July 2026

Ascot Racecourse Estates 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 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 applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented.

a) Basis of Preparation

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

b) Exemption 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. It’s 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 in respect of the principal activities of holding and administering, as freeholder or lessee, the group’s real estate property interests. Rental income is recognised on an accruals basis.

e) Tangible fixed assets and depreciation

Tangible fixed assets are stated at the cost of purchase or construction less accumulated depreciation and impairment losses. Borrowing costs are not capitalised within the value of fixed assets.

Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned. Leasehold improvements are amortised over the shorter of the useful economic lives or the period of the Ascot Authority lease, which expires in 2045. Fixtures and fittings are depreciated over 10 years. No depreciation is charged on freehold land.

At each reporting date non-financial assets, such as intangible and tangible fixed assets, are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the profit or loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate, but not in excess of the amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised. A reversal of an impairment loss is recognised in the profit and loss account.

f) 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.

g) 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 £34,000 (2024: £29,000).

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 £65,000 (2024: £92,000). The emoluments and any retirement benefits due to these directors are further disclosed in the financial statements of Ascot Authority (Holdings) Limited.

a) Tax charge included in the profit and loss account

b) Reconciliation of tax charge/(income)

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.

100 ordinary shares of £1 each (2024: 100 ordinary shares)

At 31 December 2025 the company had total commitments under non-cancellable operating leases of assets for each of the following years:

At 31 December 2025 the company expects to receive payments under non-cancellable operating leases of assets expiring as follows:

The company holds a lease over the land on which the racecourse is situated from the Ascot Authority that is due to expire in 2045. The company in turn leases this land to Ascot Racecourse Limited. The lease in place as at 31 December 2025 expires in 2045.

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 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.