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Registration number: 13194713

Snowdon Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 28 February 2023

 

Snowdon Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 34

 

Snowdon Holdings Limited

Company Information

Directors

Mr G Lewis

Mr P A Penketh

Mr S M Pritchard

Registered office

Enterprise House
Tir Llwyd Enterprise Park
Kinmel Bay
Rhyl
LL18 5JZ

Auditors

Aston Hughes Limited
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

 

Snowdon Holdings Limited

Strategic Report for the Year Ended 28 February 2023

The directors present their strategic report for the year ended 28 February 2023.

Principal activity

The principal activity of the group is Activities of head offices

Fair review of the business

The group continues to improve its offering of pet related products through its retail stores and online platform. Being a prominent pet product retailer across North Wales. Focusing on the knowledge of the team in order to share the best experience when shopping with us and passing on knowledge around pet wellbeing, health and product support.

We have seen continued growth in the pet sector, especially in our dog categories. We will continue to develop our ranges, whilst focusing on smaller, independent suppliers who specialise in the health and wellbeing of animals and want to be part of the pet industry.

The group continued to push forward with its store developments and rebranding of its Llangefni store, although this project was delayed, we opened our latest petplace store in December 2022.

We continue to welcome suppliers to our head office at Kinmel bay, we plan to make more use of the central warehouse at Kinmel Bay allowing us some extra space for some bulk buying for the group.

Focus will be on the development of the petplace brand over the coming years, whilst the rebrand of all our stores and website will continue.

The group will continue to review its suppliers and partnerships, whilst its focus will be on working with suppliers who are looking to support the pet trade with unique and innovative products, aimed at the wellbeing and health of our pets.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Revenue

£'000

10,844

10,545

Gross margin

%

34

34

 

Snowdon Holdings Limited

Strategic Report for the Year Ended 28 February 2023

Principal risks and uncertainties

Whilst the group works hard to identify and manage any potential risks we do see the below as possible risks that may impact the business:

● The ability to recruit team members and ensure we are in a position to offer packages designed to train, develop and reward our team members. Having the right team to support the business is key to the success of the business.

● Whilst we have seen an increase of pet ownership through the covid 19 pandemic, we are also aware that some pet owners may find it difficult to return to full time employment away from the home, and we may see some increased issues with pet ownership, when pets are left at home alone.

● The constant supply with some ranges could impact the supply chain, suppliers are seeing increased transport costs and the lack of key components and ingredients to produce and supply products. We continue to build our relationships with current and new suppliers to ensure we respond to any supply issues.

● Price increases due to supply issues, haulage and import costs. We have seen this push prices up. It is key that we work to ensure we continue to offer ranges that fit with our customers needs and budgets.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
Mr S M Pritchard
Director

 

Snowdon Holdings Limited

Directors' Report for the Year Ended 28 February 2023

The directors present their report and the for the year ended 28 February 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr G Lewis

Mr P A Penketh

Mr S M Pritchard

Financial instruments

Objectives and policies

The group uses various financial instruments including bank loans cash reserves, operating and finance leases and trade supplier accounts to allow the group to operate effectively. The existence of these financial instruments exposes the group to a number of risks which are described in more detail below.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity risk
The group seeks to manage financial risk by preparing monthly rolling cashflows to ensure sufficient liquidity is available to meet foreseeable needs.

Credit risk
The group predominantly operates in the retail sector, so credit provided to customers is not a significant risk. Cash takings are collected and banked using a third-party secure provider.

Price risk
The group has a buying department who manage product price changes and review the market taking into account discount on volume and the provision of supplier credit.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Strategic report

In accordance with section 414C (11) of the Companies Act 2006 (Strategic and Directors report) regulations 2013 the company's strategic report information required by schedule 7 of the large and medium-size companies and groups (Accounts and reports) regulations 2008 is noted in the strategic report.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Aston Hughes Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.



 

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

 

Snowdon Holdings Limited

Directors' Report for the Year Ended 28 February 2023

.........................................
Mr S M Pritchard
Director

 

Snowdon Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Snowdon Holdings Limited

Independent Auditor's Report to the Members of Snowdon Holdings Limited

Opinion

We have audited the financial statements of Snowdon Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 28 February 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Snowdon Holdings Limited

Independent Auditor's Report to the Members of Snowdon Holdings Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Snowdon Holdings Limited

Independent Auditor's Report to the Members of Snowdon Holdings Limited

We considered the nature of the of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities. We identified that the significant laws and regulations are the Companies Act 2006, relevant UK tax legislation and FRS 102 'The financial reporting standards applicable in the UK and Republic of Ireland', employment law and health and safety laws and regulations.

To address the risks identified we discussed matters with key management, and we have undertaken further enquiries into health and safety and employment compliance with the relevant managers and have reviewed available documentation where appropriate.

We assessed the susceptibility of the company's financial statements to material misstatement including how fraud may occur. We planned and completed audit procedures including;

- Obtaining an understanding of systems controls used by management to prevent and detect fraud.
- Considering assumptions made by management and assessing areas where judgement is required in its significant accounting policies and estimates in particular;
Valuation of inventory and processes used to identify inventory provisions.
Initial accounting treatment of fixed assets and the subsequent accounting for the consumption of useful economic life of fixed assets.
- Identifying and testing manual journal entries where there was an increased risk of management override.

We assessed the overall competence and capabilities of the engagement team's knowledge and practical experience. We communicated amongst the audit team areas that may exist within the organisation for fraud or non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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.

......................................
Gareth Lowe BSc. ACA (Senior Statutory Auditor)
For and on behalf of Aston Hughes Limited, Statutory Auditor

Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

7 November 2023

 

Snowdon Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

3

10,844,793

10,545,060

Cost of sales

 

(7,187,139)

(6,961,798)

Gross profit

 

3,657,654

3,583,262

Administrative expenses

 

(2,756,273)

(2,243,102)

Operating profit

5

901,381

1,340,160

Interest payable and similar expenses

6

(193,877)

(97,392)

Profit before tax

 

707,504

1,242,768

Tax on profit

10

(165,451)

(154,112)

Profit for the financial year

 

542,053

1,088,656

Profit/(loss) attributable to:

 

Owners of the company

 

454,354

894,458

Minority interests

 

87,699

194,198

 

542,053

1,088,656

The group has no recognised gains or losses for the year other than the results above.

 

Snowdon Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 28 February 2023

2023
£

2022
£

Profit for the year

542,053

1,088,656

Total comprehensive income for the year

542,053

1,088,656

Total comprehensive income attributable to:

Owners of the company

454,354

894,458

Minority interests

87,699

194,198

542,053

1,088,656

 

Snowdon Holdings Limited

(Registration number: 13194713)
Consolidated Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Intangible assets not including goodwill

11

40,108

41,918

Tangible assets

12

6,601,457

5,503,663

 

6,641,565

5,545,581

Current assets

 

Stocks

14

1,062,421

977,573

Debtors

15

551,733

387,922

Cash at bank and in hand

 

50,798

79,912

 

1,664,952

1,445,407

Creditors: Amounts falling due within one year

17

(3,320,190)

(2,719,684)

Net current liabilities

 

(1,655,238)

(1,274,277)

Total assets less current liabilities

 

4,986,327

4,271,304

Creditors: Amounts falling due after more than one year

17

(2,110,731)

(1,963,261)

Provisions for liabilities

(231,240)

(47,045)

Net assets

 

2,644,356

2,260,998

Capital and reserves

 

Called up share capital

19

100

100

Share premium reserve

301,875

301,875

Retained earnings

1,172,239

822,428

Equity attributable to owners of the company

 

1,474,214

1,124,403

Minority interests

 

1,170,142

1,136,595

Shareholders' funds

 

2,644,356

2,260,998

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
Mr S M Pritchard
Director

 

Snowdon Holdings Limited

(Registration number: 13194713)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

130,392

-

Investments

13

1,736,397

1,736,397

 

1,866,789

1,736,397

Current assets

 

Debtors

15

414,973

242,793

Cash at bank and in hand

 

5,292

12,245

 

420,265

255,038

Creditors: Amounts falling due within one year

17

(1,777,308)

(1,689,749)

Net current liabilities

 

(1,357,043)

(1,434,711)

Total assets less current liabilities

 

509,746

301,686

Creditors: Amounts falling due after more than one year

17

(77,372)

-

Provisions for liabilities

(32,598)

-

Net assets

 

399,776

301,686

Capital and reserves

 

Called up share capital

19

100

100

Share premium reserve

301,875

301,875

Retained earnings

97,801

(289)

Shareholders' funds

 

399,776

301,686

The company made a profit after tax for the financial year of £202,633 (2022 - profit of £71,741).

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................
Mr S M Pritchard
Director

 

Snowdon Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 28 February 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 March 2022

100

301,875

822,428

1,124,403

1,136,595

2,260,998

Profit for the year

-

-

454,354

454,354

87,699

542,053

Dividends

-

-

(104,543)

(104,543)

(54,152)

(158,695)

At 28 February 2023

100

301,875

1,172,239

1,474,214

1,170,142

2,644,356

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 11 February 2021

-

-

1

1

-

1

Profit for the year

-

-

894,458

894,458

194,198

1,088,656

Dividends

-

-

(72,031)

(72,031)

(40,516)

(112,547)

New share capital subscribed

100

301,875

-

301,975

-

301,975

Value of non-controlling interest on aquisition

-

-

-

-

982,913

982,913

At 28 February 2022

100

301,875

822,428

1,124,403

1,136,595

2,260,998

 

Snowdon Holdings Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 March 2022

100

301,875

(289)

301,686

Profit for the year

-

-

202,633

202,633

Dividends

-

-

(104,543)

(104,543)

At 28 February 2023

100

301,875

97,801

399,776

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Profit for the year

-

-

71,741

71,741

Dividends

-

-

(72,030)

(72,030)

New share capital subscribed

100

301,875

-

301,975

At 28 February 2022

100

301,875

(289)

301,686

 

Snowdon Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 28 February 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

542,053

1,088,656

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

211,678

199,954

Fair value adjustments on consolidation

(48,831)

(680,363)

Loss on disposal of tangible assets

4

-

6,614

Finance costs

6

193,877

97,392

Income tax expense

10

165,451

154,112

 

1,064,228

866,365

Working capital adjustments

 

Increase in stocks

14

(84,848)

(27,222)

(Increase)/decrease in trade debtors

15

(163,811)

794,709

Increase in trade creditors

17

520,024

361,702

Cash generated from operations

 

1,335,593

1,995,554

Income taxes (paid)/received

10

(117,860)

6,598

Net cash flow from operating activities

 

1,217,733

2,002,152

Cash flows from investing activities

 

Acquisitions of tangible assets

(1,322,237)

(374,755)

Proceeds from sale of tangible assets

 

18,515

17,757

Acquisition of intangible assets

11

(4,560)

(4,400)

Acquisition of investments in subsidiaries

13

-

(1,436,442)

Net cash flows from investing activities

 

(1,308,282)

(1,797,840)

Cash flows from financing activities

 

Interest paid

6

(193,877)

(97,392)

Proceeds from issue of ordinary shares, net of issue costs

 

-

301,975

Proceeds from bank borrowing draw downs

 

1,052,660

(252,927)

Repayment of bank borrowing

 

(788,025)

-

Dividends paid

(158,695)

(112,547)

Net cash flows from financing activities

 

(87,937)

(160,891)

Net (decrease)/increase in cash and cash equivalents

 

(178,486)

43,421

Cash and cash equivalents at 1 March

 

43,421

-

Cash and cash equivalents at 28 February

 

(135,065)

43,421

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Enterprise House
Tir Llwyd Enterprise Park
Kinmel Bay
Rhyl
LL18 5JZ

These financial statements were authorised for issue by the Board on 7 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

This is the first accounting period,these financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 28 February 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £202,633 (2022 - profit of £71,741).

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Government grants

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not depreciated

Buildings

2% Straight line one deemed cost

Fixtures & fittings

20% Straight line on cost

Plant & machinery

20% Straight line on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Brand Names

10% Straight line

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the most recent purchase price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Judgements and key sources of estimation uncertainty
The directors are required to make judgements estimates and assumptions in the application of the company's accounting policies particularly where the carrying amount of assets and liabilities are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other relevant factors, they are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods if this is relevant.

Estimation uncertainty
Useful economic lives of assets
Tangible assets are depreciated over their useful economic lives having consideration for the residual values where appropriate. The continuing life of the asset class are assessed periodically, assets benefit from ongoing maintenance which is intended to maintain buildings to a high standard and support a high residual value and longer useful economic life.

Key judgements
Stock valuation
Stock records are updated to the most recent purchase price and are only re-ordered once stock falls below a predetermined threshold, slow-moving stock is identified by the buying department and stores are instructed to discount line where this is appropriate. Where lines are to be sold below cost or are unable to be sold the stock will be written off, however, this is a rare occurrence particularly as stock tends not to be perishable.
 

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

10,825,154

10,513,628

Other revenue

19,639

31,432

10,844,793

10,545,060

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Loss on disposal of Tangible assets

-

(6,614)

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

205,928

194,738

Amortisation expense

5,750

5,216

Loss on disposal of property, plant and equipment

-

6,614

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

13,908

1,888

Interest on obligations under finance leases and hire purchase contracts

179,969

95,504

193,877

97,392

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,418,039

1,186,680

Pension costs, defined contribution scheme

49,396

45,291

Other employee expense

12,547

3,981

1,479,982

1,235,952

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

2023
No.

2022
No.

Administration and support

14

17

Sales, marketing and distribution

63

60

77

77

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

136,104

430,783

Contributions paid to money purchase schemes

24,000

24,658

160,104

455,441

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2023
£

2022
£

Remuneration

60,000

192,424

Company contributions to money purchase pension schemes

12,000

12,000

9

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

22,048

9,000

Other fees to auditors

All other non-audit services

4,825

4,000


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current taxation

UK corporation tax

(18,744)

147,513

Deferred taxation

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

184,195

6,599

Tax expense in the income statement

165,451

154,112

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

707,504

1,242,768

Corporation tax at standard rate

134,426

236,126

Effect of expense not deductible in determining taxable profit (tax loss)

-

3,648

Effect of tax losses

52,789

1,434

Deferred tax expense relating to changes in tax rates or laws

184,195

12,746

Deferred tax credit from unrecognised temporary difference from a prior period

-

(6,146)

Tax decrease from effect of capital allowances and depreciation

(176,303)

(1,532)

Tax (decrease)/increase from effect of dividends from UK companies

(18,291)

13,685

Other tax effects for reconciliation between accounting profit and tax expense (income)

(11,365)

(105,849)

Total tax charge

165,451

154,112

The draft finance act 2021 stated from 1 April 2023 the UK corporation tax rate will increase to 25%, this rate of tax has been applied to the deferred tax position.

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

-

231,240

-

231,240

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

2022

Asset
£

Liability
£

-

47,045

-

47,045

Company

11

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At aquisition of subsidiary

34,400

52,942

87,342

Additions internally developed

-

4,560

4,560

At 28 February 2023

34,400

57,502

91,902

Amortisation

At aquistion of subsidiary

34,400

11,644

46,044

Amortisation charge

-

5,750

5,750

At 28 February 2023

34,400

17,394

51,794

Carrying amount

At 28 February 2023

-

40,108

40,108

At 28 February 2022

-

41,918

41,918

Negative goodwill

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At aquistion of subsidiary

5,221,904

2,177,261

-

87,624

7,486,789

Additions

433,776

735,529

32,515

120,417

1,322,237

Disposals

-

-

-

(19,490)

(19,490)

At 28 February 2023

5,655,680

2,912,790

32,515

188,551

8,789,536

Depreciation

At aquistions of subsidiary

27,311

1,886,863

-

68,952

1,983,126

Charge for the year

34,379

165,080

6,036

433

205,928

Eliminated on disposal

-

-

-

(975)

(975)

At 28 February 2023

61,690

2,051,943

6,036

68,410

2,188,079

Carrying amount

At 28 February 2023

5,593,990

860,847

26,479

120,141

6,601,457

At 28 February 2022

5,194,593

290,398

-

18,672

5,503,663

Included within the net book value of land and buildings above is £5,593,990 (2022 - £5,194,593) in respect of freehold land and buildings.
 

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Tangible assets - continued

Historically one of the subsidiaries, has adopted the transitional exemption under FRS 102 and elected to use the previous revalued amounts as deemed cost.

On historical cost basis, freehold land and buildings would have been valued as £4,779,632 as at 28 February 2023 (2022: £4,363,225).

Land and buildings with a carrying value of £5,593,990 (2022: £5,217,554) have been pledged as security against secured loans and borrowings.
 

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Fixtures, plant, machinery and equipment

706,321

83,018

Vehicles

11,667

-

Building improvements

273,744

-

 

991,732

83,018

Company

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

18,515

115,580

134,095

At 28 February 2023

18,515

115,580

134,095

Depreciation

Charge for the year

3,703

-

3,703

At 28 February 2023

3,703

-

3,703

Carrying amount

At 28 February 2023

14,812

115,580

130,392

13

Investments

Company

2023
£

2022
£

Investments in subsidiaries

1,736,397

1,736,397

Subsidiaries

£

Cost or valuation

At 1 March 2022

1,736,397

Provision

Carrying amount

At 28 February 2023

1,736,397

At 28 February 2022

1,736,397

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Farm and Pet Place Limited

Enterprise House
Tir Llwyd Enterprise Park
Kinmel Bay
Conwy
LL18 5JZ

England & Wales

Ordinary

64%

64%

Milly & Milo Limited

Enterprise House
Tir Llwyd Enterprise Park
Kinmel Bay
Conwy
LL18 5JZ

England & Wales

Ordinary

100%

100%

Subsidiary undertakings

Farm and Pet Place Limited

The principal activity of Farm and Pet Place Limited is pet retail.

Milly & Milo Limited

The principal activity of Milly & Milo Limited is non-specialised wholesale trade.

Both subsidiaries were consolidated using the aquistion method. Farm and Pet Place Limited became a subsidiary on 2 March 2021, Milly & Milo Limited became subsidiary on 3 June 2021.

14

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Other inventories

1,062,421

977,573

-

-

Group

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

15

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

7,787

12,779

62,500

3,600

Amounts owed by related parties

23

151,537

123,801

151,537

124,827

Other debtors

 

319,493

168,240

200,236

113,666

Prepayments

 

72,916

83,102

700

700

   

551,733

387,922

414,973

242,793

16

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

33,336

29,121

-

-

Cash at bank

17,462

50,791

5,292

12,245

50,798

79,912

5,292

12,245

Bank overdrafts

(185,863)

(36,491)

-

-

Cash and cash equivalents in statement of cash flows

(135,065)

43,421

5,292

12,245

17

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

20

842,622

625,536

19,679

-

Trade creditors

 

1,754,573

1,133,809

1,234

(902)

Amounts due to related parties

23

431,161

527,368

1,705,251

1,629,084

Social security and other taxes

 

45,922

82,510

-

-

Outstanding defined contribution pension costs

 

7,195

9,711

-

-

Other payables

 

123,555

106,459

-

-

Accruals

 

64,018

46,543

-

-

Income tax liability

10

51,144

187,748

51,144

61,567

 

3,320,190

2,719,684

1,777,308

1,689,749

Due after one year

 

Loans and borrowings

20

2,110,731

1,913,810

77,372

-

Other non-current financial liabilities

 

-

49,451

-

-

 

2,110,731

1,963,261

77,372

-

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £49,396 (2022 - £45,291).

Contributions totalling £7,195 (2022 - £9,711) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

20

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,110,731

1,913,810

77,372

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

656,759

589,045

19,679

-

Bank overdrafts

185,863

36,491

-

-

842,622

625,536

19,679

-

Group

Bank borrowings

Loans and overdrafts is denominated in GBP with a nominal interest rate of between 2% and 7%, and the final instalment is due on 10 February 2029. The carrying amount at year end is £1,879,268 (2022 - £2,429,906).

Land and buildings are provided as security on specified loans with a total value of £996,021 (2022: £1,134,172).

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

21

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £1.00 (2022 - £2.00) per ordinary share

 

-

 

-

Interim dividend of £3.00 (2022 - £1,125.47) per ordinary share

 

158,695

 

112,547

   

158,695

 

112,547

         

22

Commitments

Group

Other financial commitments

A finance agreement for the purchase of panel lighting
The total amount of other financial commitments not provided in the financial statements was £Nil (2022 - £65,387).

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

23

Related party transactions

Group

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mr S M Pritchard

Advances and repayments

123,801

27,736

151,537

       
     

 

2022

At 11 February 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr P A Penketh

Advances and repayments

-

67,757

(67,757)

-

         
       

Mr S M Pritchard

Advances and repayments

186,913

-

(63,112)

123,801

         
       

 

No interest is charged and the outstanding balance is repayable on demand.

Summary of transactions with other related parties

Pension fund with a director as a beneficiary
 A property occupied by a group company is leased from the pension fund, the annual rent being £120,000 (2022: £120,000). The outstanding balance on the rent payable by the end of the period was £24,000 (2022: £24,000). There is an oustanding loan due to the pension fund from a group company of £52,500 (2022: £82,500) interest is charged at 7% fixed rate.

Company

Summary of transactions with subsidiaries

Farm and Pet Place Limited
 Management fees of £150,000 (2022; £48,000) were paid from Farm and Pet Place Limited to Snowdon Holdings Limited. The outstanding balance at the year end was £62,500 (2022; £27,600).

Dividends of £96,270 (2022; £72,029) were payable to the parent in the period.

The subsidary also advanced funds of £173,416 (2022: £1,244,873). The outstanding loan balance due to Farm and Pet Place Limited at the year end was £1,275,133 (2022; £1,101,716).

 

Summary of transactions with other related parties

LVL 5 Gyms Limited
 A company over Mr S Pritchard has significant influence.
During the year to 28th February 2023 Snowdon Holdings Limited paid £59,118 (2022: £64,731) to LVL 5 Gyms Limited.
At the year end £123,849 (2022: £64,731) was due from LVL 5 Gyms Limited.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

24

Parent and ultimate parent undertaking

These financial statements are available upon request from Companies House

 The ultimate controlling party is Mr S Pritchard & Mr P Penketh.