Royal Adelaide Hotel (Windsor) Limited

	Page
Accountant's Report	1
Statement of Financial Position	2—3
Notes to the Financial Statements	4—8

Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Royal Adelaide Hotel (Windsor) Limited for the year ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Royal Adelaide Hotel (Windsor) Limited for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

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

This report is made solely to the directors of Royal Adelaide Hotel (Windsor) Limited , as a body, in accordance with the terms of our engagement letter dated 06 February 2017. Our work has been undertaken solely to prepare for your approval the accounts of Royal Adelaide Hotel (Windsor) Limited and state those matters that we have agreed to state to the directors of Royal Adelaide Hotel (Windsor) Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. 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 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 accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss 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 of the accounts 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 financial statements.

28 August 2026

Ascendant Partners Limited

Second Floor, Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

Page 1

Page 2

Royal Adelaide Hotel (Windsor) Limited

Statement of Financial Position

As At 31 December 2025

Statement of Financial Position

Registered number: 02859086

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		974,901		1,021,881

			974,901		1,021,881
CURRENT ASSETS
Stocks	5	12,371		14,180
Debtors	6	1,659,481		1,605,394
Cash at bank and in hand		17,522		94,961

		1,689,374		1,714,535
Creditors: Amounts Falling Due Within One Year	7	(157,253 )		(155,206 )

NET CURRENT ASSETS (LIABILITIES)			1,532,121		1,559,329

TOTAL ASSETS LESS CURRENT LIABILITIES			2,507,022		2,581,210

Creditors: Amounts Falling Due After More Than One Year	8		(760,600 )		(763,052 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(24,325 )		(27,763 )

NET ASSETS			1,722,097		1,790,395

CAPITAL AND RESERVES
Called up share capital	10		10,000		10,000
Income Statement			1,712,097		1,780,395

SHAREHOLDERS' FUNDS			1,722,097		1,790,395

Page 2

Page 3

Royal Adelaide Hotel (Windsor) Limited

Statement of Financial Position (continued)

As At 31 December 2025

For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

The financial statements were approved by the board of directors on 28 August 2026 and were signed on its behalf by:

E Booth

Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

Page 4

Royal Adelaide Hotel (Windsor) Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Royal Adelaide Hotel (Windsor) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02859086 . The registered office is Second Floor, Curzon House, 24 High Street, Banstead, Surrey, SM7 2LJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

The directors have also confirmed that they will continue to support the company for at least the next twelve months and have the financial resources to do so.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised on the date of guest departure.

2.4. Tangible Fixed Assets and Depreciation

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

Freehold	2-12.5% per annum on cost
Fixtures & Fittings	25% per annum on reducing balance
Computer Equipment	25% per annum on cost

2.5. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

Page 4

Page 5

Royal Adelaide Hotel (Windsor) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.9.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 24 (2024: 22)

Page 5

Page 6

Royal Adelaide Hotel (Windsor) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Tangible Assets

	Land & Property
	Freehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2025	1,241,829	944,123	54,530	2,240,482
Additions	-	29,634	686	30,320
Disposals	-	(16,975 )	-	(16,975 )

As at 31 December 2025	1,241,829	956,782	55,216	2,253,827

Depreciation
As at 1 January 2025	363,261	806,585	48,755	1,218,601
Provided during the period	35,099	35,637	1,941	72,677
Disposals	-	(12,352 )	-	(12,352 )

As at 31 December 2025	398,360	829,870	50,696	1,278,926

Net Book Value
As at 31 December 2025	843,469	126,912	4,520	974,901

As at 1 January 2025	878,568	137,538	5,775	1,021,881

Included in cost of land and buildings is freehold land of £592,206 (2024 - £592,206) which is not depreciated.

5. Stocks

	2025	2024
	£	£
Stock	12,371	14,180

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	8,308	10,481
Prepayments and accrued income	8,550	5,372
Amounts owed by group undertakings	1,642,623	1,589,541

	1,659,481	1,605,394

Page 6

Page 7

Royal Adelaide Hotel (Windsor) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	33,918	28,734
Bank loans and overdrafts	15,833	38,000
Other taxes and social security	61,669	56,780
Other creditors	27,468	13,443
Accruals and deferred income	18,365	18,249

	157,253	155,206

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	-	15,833
Directors' loan account	760,600	747,219

	760,600	763,052

9. Secured Creditors

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. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	10,000	10,000

11. Related Party Transactions

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 £34,800 (2024: £71,980).

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

Page 7

Page 8

Royal Adelaide Hotel (Windsor) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	2025		2024
	Due from £	Due to £	Due from £	Due to £
Historic Windsor Hotels Lmited	1,227,304	-	1,207,691	-
The Christopher Hotel Eton Limited	415,319	-	381,850	-
	1,642,623	-	1,589,541	-

The loans are interest free and repayable on demand.

At the balance sheet date the amount owed by the company to the directors was £760,600 (2024 : £747,219). 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.

Page 8