REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 MAY 2023 |
FOR |
SNOWDONIA HOTEL LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 MAY 2023 |
FOR |
SNOWDONIA HOTEL LIMITED |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 February 2022 to 31 May 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 15 |
SNOWDONIA HOTEL LIMITED |
COMPANY INFORMATION |
for the Period 1 February 2022 to 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
440 Strand |
London |
WC2R 0QS |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
STRATEGIC REPORT |
for the Period 1 February 2022 to 31 May 2023 |
The directors present their strategic report for the period 1 February 2022 to 31 May 2023. |
REVIEW OF BUSINESS |
The company made an operating profit for the 16 month period to 31 May 2023 of £245k (loss of £445k for the 12 months to 31 January 2022) of which £189k were exceptional costs (2022 - £417k). |
The company generated £834k (net) from its operating activities during the period. |
Senior Management are confident that the hotel is in a strong position to improve the results in the forthcoming year, and would like to thank the staff and customers for their ongoing support during these challenging economic times. |
Key Performance Indicators (KPI's) |
There are a number of financial KPI's including:- |
Turnover for 2023 amounted to £6,322k (2022: £3,525k), with Gross profit achieved of £5,433k (2022:£2,975k) |
Adjusted EBITDA for 2023 totalled £1,180k (2022: £32k). |
Additional non financial KPI's include customer reviews and staff welfare and development. |
RISKS AND UNCERTAINTIES |
The company's activities expose it to a number of financial risks, as set out below. |
Assets, Cash Flow and Credit Risks |
The majority of hotel guests pay by debit, credit card or bank transfer and cash collection is rigorously monitored. The company's principal financial assets are fixed assets and cash at bank. Fixed assets are inspected regularly for wear and tear and a refurbishment programme is constantly reviewed. Deposits are taken in advance for weddings and other large corporate events; the majority of which have been deferred until 2023/24. |
Utility costs |
The company has fixed certain utility costs, but remains exposed to energy price rises in 2023/24. |
Competition |
There are a number of alternative hotels and leisure facilities in the area, but the location, pricing strategy and refurbishment of facilities means the company remains in a strong position, both reputationally and financially. |
ON BEHALF OF THE BOARD: |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
REPORT OF THE DIRECTORS |
for the Period 1 February 2022 to 31 May 2023 |
The directors present their report with the financial statements of the company for the period 1 February 2022 to 31 May 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of operating a hotel in North Wales. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 May 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
GOING CONCERN |
The company's loan and equity providers have indicated their continued financial support and on this basis, taking into account recent forecasts and trading results, the directors believe the company has adequate resources to continue its activities for the foreseeable future. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
REPORT OF THE DIRECTORS |
for the Period 1 February 2022 to 31 May 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SNOWDONIA HOTEL LIMITED |
Opinion |
We have audited the financial statements of Snowdonia Hotel Limited (the 'company') for the period ended 31 May 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 May 2023 and of its loss for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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. |
Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SNOWDONIA HOTEL LIMITED |
Matters on which we are required to report by exception |
In the light of the 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 or the Report of the Directors. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SNOWDONIA HOTEL LIMITED |
Auditors' 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 a Report of the Auditors 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: |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, Health and Safety regulations and food safety regulations. |
- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
- we enquired of the directors about actual and potential litigation and claims. |
Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SNOWDONIA HOTEL LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Period 1 February 2022 to 31 May 2023 |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
74,402 | (540,847 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | ( |
) |
Intercompany loan provision | 5 |
(968,440 | ) | (444,847 | ) |
Interest receivable and similar income |
(966,417 | ) | (444,811 | ) |
Interest payable and similar expenses | 6 |
LOSS BEFORE TAXATION | 7 | ( |
) | ( |
) |
Tax on loss | 8 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
( |
) |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
STATEMENT OF FINANCIAL POSITION |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
STATEMENT OF CHANGES IN EQUITY |
for the Period 1 February 2022 to 31 May 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 January 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 May 2023 | ( |
) | ( |
) |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
STATEMENT OF CASH FLOWS |
for the Period 1 February 2022 to 31 May 2023 |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Amounts from associated companies |
Amounts to associated companies | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
573,845 |
Cash and cash equivalents at end of period |
2 |
815,191 |
531,405 |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Period 1 February 2022 to 31 May 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Provision against intercompany loan | 1,154,647 | - |
Finance costs | 658,027 | 169,725 |
Finance income | (2,023 | ) | (36 | ) |
1,121,592 | 31,664 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 31 May 2023 |
31/5/23 | 1/2/22 |
£ | £ |
Cash and cash equivalents | 815,191 | 531,405 |
Year ended 31 January 2022 |
31/1/22 | 1/2/21 |
£ | £ |
Cash and cash equivalents | 531,405 | 573,851 |
Bank overdrafts | ( |
) |
531,405 | 573,845 |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Period 1 February 2022 to 31 May 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/2/22 | Cash flow | At 31/5/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 531,405 | 283,786 | 815,191 |
531,405 | 815,191 |
Debt |
Debts falling due within 1 year | (150,000 | ) | (180,034 | ) | (330,034 | ) |
Debts falling due after 1 year | (5,883,606 | ) | 303,606 | (5,580,000 | ) |
(6,033,606 | ) | 123,572 | (5,910,034 | ) |
Total | (5,502,201 | ) | 407,358 | (5,094,843 | ) |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 February 2022 to 31 May 2023 |
1. | STATUTORY INFORMATION |
Snowdonia Hotel Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company's loan and equity providers have indicated their continued financial support and on this basis, taking into account recent forecasts and trading results, the directors believe the company has adequate resources to continue its activities for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
The company recognises revenue when rooms are occupied, food and beverage are sold and other services are provided. |
Tangible fixed assets |
Tangible fixed assets are stated at initial cost, including interest on borrowing, plus the additional development expenditure necessary to bring the assets into operational use, less depreciation and impairment. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Long leasehold land and buildings | - 2% on cost (buildings only) |
Plant and machinery | - 20% on reducing balance |
Fixtures and fittings | - 20% on reducing balance |
IT equipment and motor vehicles | - 25% on reducing balance |
Impairment of assets |
At each reporting date 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 amounts. 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 and loss. |
Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2022 to 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company holds basic financial instruments under Section 11 of FRS 102. |
Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transaction price. |
Short term financial liabilities, including trade and other creditors, are measured at the transaction price. |
Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
Financial liabilities, including directors and other loans, that have no stated interest rate and are payable after one year should be measured at amortised cost, using the effective interest rate method. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Grants |
Capital grants are treated as deferred income and written off over the life of the assets to which they relate. |
Revenue grants, mainly from Government bodies, are recognised in the profit and loss in the period to which they relate. |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2022 to 31 May 2023 |
3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised 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. |
Critical judgements |
At the end of the year, the directors do not consider that there were any critical judgements which have a |
significant risk of causing a material adjustment to the carrying amount of assets and liabilities. |
Key sources of estimation uncertainty |
The main judgements applied in preparing these financial statements concern the carrying value of the company's tangible fixed assets. |
4. | EMPLOYEES AND DIRECTORS |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
Administration | 1 | 1 |
Direct staff | 60 | 61 |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
£ | £ |
Directors' remuneration |
5. | EXCEPTIONAL ITEMS |
Included within expenses are exceptional costs of £188,750 (2022 - £417,024) relating to septic tank charges resulting from late connection to mains services. In addition there is an intercompany loan provision of £1,213,510. |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2022 to 31 May 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
£ | £ |
Bank interest |
Other interest |
7. | LOSS BEFORE TAXATION |
The loss is stated after charging/(crediting): |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Government grant income | ( |
) | ( |
) |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the period was as follows: |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
£ | £ |
Current tax: |
Tax - prior year | - | 28 |
Tax on loss |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2022 to 31 May 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1/2/22 |
to | Year Ended |
31/5/23 | 31/1/22 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
Deferred tax not provided | 135,930 | 25,499 |
Fixed asset differences | 170,814 | 90,537 |
Total tax charge | - | 28 |
9. | TANGIBLE FIXED ASSETS |
Long | IT |
leasehold | Fixtures | equipment |
land and | Plant and | and | & motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 January 2022 |
Capitalised within the cost of long leasehold land and buildings is £Nil (2022: £118,728) of interest on borrowing costs. |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2022 to 31 May 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT debtor | - | 102,332 |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Amounts owed to associated undertakings | 4,338,653 | 525,484 |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Deferred government grants |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
Amounts owed to associated undertakings | - | 2,792,931 |
Deferred government grants |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2022 to 31 May 2023 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Associated undertakings loan | 4,338,653 | 2,792,931 |
There is a debenture in favour of the Bank secured over the leasehold property together with a fixed and floating charge over all the property of the company. |
The associated undertaking loan is also secured by a debenture over the leasehold property and there is a composite guarantee between Adventure Parc Snowdonia Limited and Snowdonia Hotel Limited. |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
Ordinary A | 1 | 2,000,000 | 2,000,000 |
2,000,100 | 2,000,100 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2022 | ( |
) |
Deficit for the period | ( |
) |
At 31 May 2023 | ( |
) |
18. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The pension cost for the period represents contributions payable by the company to the fund and amounted to £21,220 (2022 - £10,597). As at the period end there were £3,214 (2022 - £4,109) contributions outstanding. |
19. | RELATED PARTY DISCLOSURES |
Transactions with associated undertakings |
During the year the company made payments of £2,510,900 and received £311,990 from associated undertakings. During the year the company made purchases of £647,266 (2022 - £1,057,023) and made cost recharges of £128,487 (2022 - £607,601) from associated undertakings. As at 31 May 2023 £1,154,647 (31 January 2022 - (£525,484)) was due from/to associated undertakings, against which a 100% provision has been included in the accounts. |
Associated undertakings loan |
During the year the company borrowed £1,349,995 (2022 - £795,000), incurred interest and charges of £221,768 (2022 - £50,785) from associated undertakings and made payments of £26,041 (2022 - £21,587). As at 31 May 2023 £4,338,653 (31 January 2022 - £2,792,931) was due to associated undertakings. |
SNOWDONIA HOTEL LIMITED (REGISTERED NUMBER: 11234238) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2022 to 31 May 2023 |
20. | ULTIMATE CONTROLLING PARTY |