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COMPANY REGISTRATION NUMBER: 07912693
Oldwalls Gower Limited
Filleted Unaudited Financial Statements
31 December 2023
Oldwalls Gower Limited
Financial Statements
Year ended 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Oldwalls Gower Limited
Officers and Professional Advisers
Director
Mr Andrew Hole
Company secretary
Mr Andrew Hole
Registered office
Llwyn Y Bwch Farm
Oldwalls
Llanrhidian
Swansea
SA3 1HA
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Oldwalls Gower Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
19,591
21,994
Tangible assets
6
3,210,988
3,256,283
------------
------------
3,230,579
3,278,277
CURRENT ASSETS
Stocks
7
18,448
22,637
Debtors
8
376,884
496,588
Cash at bank and in hand
173,296
310,818
---------
---------
568,628
830,043
CREDITORS: amounts falling due within one year
9
1,651,159
1,780,006
------------
------------
NET CURRENT LIABILITIES
1,082,531
949,963
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,148,048
2,328,314
CREDITORS: amounts falling due after more than one year
10
1,961,117
2,129,876
PROVISIONS
Taxation including deferred tax
184,493
170,356
------------
------------
NET ASSETS
2,438
28,082
------------
------------
CAPITAL AND RESERVES
Called up share capital
11
4
2
Profit and loss account
2,434
28,080
------
--------
SHAREHOLDERS FUNDS
2,438
28,082
------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Oldwalls Gower Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Andrew Hole
Mr Andrew Hole
Director
Company registration number: 07912693
Oldwalls Gower Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. GENERAL INFORMATION
Oldwalls Gower Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value and fair value movement included in the profit/loss for the year are as follows:
- For all properties, discussions with the director have established that the values in the accounts are deemed reasonable based on his knowledge of current market conditions of similar properties in the area.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements. The company's forecasts and projections, taking account reasonably the possible changes in trading performance, show that the company should be able to operate within the level of its current facilities.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.
Stock provision
The company sells food & drink . As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Goodwill and intangible fixed assets
Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.
Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Government grants
These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services Turnover from the sale of weddings is recognised when significant risks and rewards of provision of the services have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on date of the event. Interest Interest income is recognised using the effective interest method.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. -
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 20 years. Provision is made for any impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property/Property improvements
-
1%/4% straight line
Plant & machinery
-
10% straight line
Fixtures & fittings/IT equipment
-
20%/33% straight line
Motor vehicles
-
10% straight line
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
48,194
--------
Amortisation
At 1 January 2023
26,200
Charge for the year
2,403
--------
At 31 December 2023
28,603
--------
Carrying amount
At 31 December 2023
19,591
--------
At 31 December 2022
21,994
--------
6. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
2,781,093
499,805
353,218
109,933
3,744,049
Additions
46,971
4,915
42,322
21,526
115,734
------------
---------
---------
---------
------------
At 31 December 2023
2,828,064
504,720
395,540
131,459
3,859,783
------------
---------
---------
---------
------------
Depreciation
At 1 January 2023
154,270
174,679
122,523
36,294
487,766
Charge for the year
34,565
50,168
63,499
12,797
161,029
------------
---------
---------
---------
------------
At 31 December 2023
188,835
224,847
186,022
49,091
648,795
------------
---------
---------
---------
------------
Carrying amount
At 31 December 2023
2,639,229
279,873
209,518
82,368
3,210,988
------------
---------
---------
---------
------------
At 31 December 2022
2,626,823
325,126
230,695
73,639
3,256,283
------------
---------
---------
---------
------------
7. STOCKS
2023
2022
£
£
Raw materials and consumables
18,448
22,637
--------
--------
8. DEBTORS
2023
2022
£
£
Other debtors
376,884
496,588
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
134,916
134,916
Trade creditors
179,682
117,092
Social security and other taxes
148,682
18,086
Other creditors
1,187,879
1,509,912
------------
------------
1,651,159
1,780,006
------------
------------
The rate of any interest payable on the debt ranges between 1.7% over the Bank of England Base Rate and 2% over the Bank of England Base Rate. The bank loan is secured by a first legal charge over the company's properties and a fixed and floating charge over the assets of the company, together with a group cross guarantee with Oldwalls Holdings Limited, Snaco UK Limited and Sant Ffraed Limited, companies under common control. The aggregate of secured liabilities falling due within one year is £163,430 (2022: £176,182).
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,900,205
2,040,450
Other creditors
60,912
89,426
------------
------------
1,961,117
2,129,876
------------
------------
The aggregate of secured liabilities falling due after one year is £1,961,117 (2022: £2,129,876).
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
400
4
200
2
----
----
----
----
On 29th December 2023 the company issued 200 Ordinary £0.01 shares at par.
12. FINANCIAL COMMITMENTS
Oldwalls Gower Limited , Sant Ffraed Limited, SNACO UK Limited and Oldwalls Holdings Limited, companies under common control, are party to a group cross guarantee in respect of the bank borrowings. At the year end the bank borrowings covered by the cross guarantee were as follows:
2023 2022
£ £
SNACO UK Limited 5,305,862 5,617,202
Sant Ffraed Limited 2,676,129 2,346,522
------------ ------------
7,981,991 7,963,724
------------ ------------
The company has given a cross guarantee of £350,000 to Development Bank of Wales in respect of borrowings of SNACO UK Limited.
13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
At the year end there was a balance owed to the company by the director of £268,531 (2022: £195,761). No interest has been charged on the outstanding balance.
14. RELATED PARTY TRANSACTIONS
The aggregated amount of transactions due with related parties is as follows: Other Related Parties
2023 2022
£ £
Balance due to other related parties 113,521 185,465
Balance due from other related parties 53,114 18,831
No interest was charged on any of the outstanding amounts.