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Registration number: 13194713

Snowdon Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 29 February 2024

 

Snowdon Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Financial Statements

18 to 39

 

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 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

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.
As the pet market continues to change, and is trying to find some stability after the Covid-19 pandemic it is going to be important for the group to focus on its product offering.
We will continue to review our products through all categories and work closely with current suppliers to ensure we have the right offering instore that fits with both the business development and our customers needs.
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.
Focus moving forward will be store layouts and customer retention through our systems of communication, in store events and promotional activity.
Our loyalty activity will also play a part in ensuring we are rewarding our customers for their loyalty and support. We will encourage and support our suppliers to ensure they also see clear benefits for being part of the loyalty campaigns.

Future Developments
The group is undergoing a review of costs based on the economic climate to become a strong and stable business for the future.
Our data systems used in each department will play a part in making strategic decisions, ensuring changes are carried out based on historical and future forecasting.

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

Financial KPIs

Unit

2024

2023

Revenue

£'000

11,347

10,844

Gross margin

%

35

34

 

Snowdon Holdings Limited

Strategic Report for the Year Ended 29 February 2024

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:

Following an increase of pet ownership through the Covid-19 pandemic, the market has observed a decline in new pet ownership which is impacting on revenue growth.
Product listing to ensure we continue to offer ranges that fit with our customers needs and budgets.
Anticipated increases in employment costs and retention of the right team to support to the success of the business. The business looks to develop and reward our team members.
Supplier price volatility remains a risk, we continue to build our relationships with current and new suppliers to ensure we respond to any supply issues.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

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

 

Snowdon Holdings Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the for the year ended 29 February 2024.

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 company seeks to manage financial risk by preparing monthly rolling cashflows based on previous revenue data and known payment due dates, the data is updated on a daily basis to ensure sufficient liquidity is available to meet foreseeable needs.

Credit risk
The company 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 company has a buying department who manage product price changes and review the market to ensure products are purchased the based on the best achievable costs, performance of supply and supplier terms.

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.

 

Snowdon Holdings Limited

Directors' Report for the Year Ended 29 February 2024



 

 

Snowdon Holdings Limited

Directors' Report for the Year Ended 29 February 2024

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
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 29 February 2024, 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 29 February 2024 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 7], 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

26 November 2024

 

Snowdon Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

11,347,309

10,844,793

Cost of sales

 

(7,406,689)

(7,187,139)

Gross profit

 

3,940,620

3,657,654

Administrative expenses

 

(3,090,898)

(2,756,273)

Operating profit

4

849,722

901,381

Interest payable and similar expenses

5

(273,631)

(193,877)

Profit before tax

 

576,091

707,504

Tax on profit

9

(65,016)

(165,451)

Profit for the financial year

 

511,075

542,053

Profit/(loss) attributable to:

 

Owners of the company

 

340,625

454,354

Minority interests

 

170,450

87,699

 

511,075

542,053

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 29 February 2024

2024
£

2023
£

Profit for the year

511,075

542,053

Total comprehensive income for the year

511,075

542,053

Total comprehensive income attributable to:

Owners of the company

340,625

454,354

Minority interests

170,450

87,699

511,075

542,053

 

Snowdon Holdings Limited

(Registration number: 13194713)
Consolidated Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Intangible assets not including goodwill

10

34,357

40,108

Tangible assets

11

6,865,724

6,601,457

 

6,900,081

6,641,565

Current assets

 

Stocks

13

747,648

1,062,421

Debtors

14

1,040,304

551,733

Cash at bank and in hand

 

18,394

50,798

 

1,806,346

1,664,952

Creditors: Amounts falling due within one year

16

(3,601,518)

(3,320,190)

Net current liabilities

 

(1,795,172)

(1,655,238)

Total assets less current liabilities

 

5,104,909

4,986,327

Creditors: Amounts falling due after more than one year

16

(1,878,928)

(2,110,731)

Provisions for liabilities

17

(220,549)

(231,240)

Net assets

 

3,005,432

2,644,356

Capital and reserves

 

Called up share capital

19

100

100

Share premium reserve

301,875

301,875

Retained earnings

1,416,865

1,172,239

Equity attributable to owners of the company

 

1,718,840

1,474,214

Minority interests

 

1,286,592

1,170,142

Shareholders' funds

 

3,005,432

2,644,356

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

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

 

Snowdon Holdings Limited

(Registration number: 13194713)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

337,081

130,392

Investments

12

1,736,397

1,736,397

 

2,073,478

1,866,789

Current assets

 

Debtors

14

934,097

414,973

Cash at bank and in hand

 

1,163

5,292

 

935,260

420,265

Creditors: Amounts falling due within one year

16

(2,482,700)

(1,777,308)

Net current liabilities

 

(1,547,440)

(1,357,043)

Total assets less current liabilities

 

526,038

509,746

Creditors: Amounts falling due after more than one year

16

(117,365)

(77,372)

Provisions for liabilities

17

(23,367)

(32,598)

Net assets

 

385,306

399,776

Capital and reserves

 

Called up share capital

19

100

100

Share premium reserve

301,875

301,875

Retained earnings

83,331

97,801

Shareholders' funds

 

385,306

399,776

The company made a profit after tax for the financial year of £81,530 (2023 - profit of £202,633).

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

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

 

Snowdon Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 29 February 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 March 2023

100

301,875

1,172,240

1,474,215

1,170,142

2,644,357

Profit for the year

-

-

340,625

340,625

170,450

511,075

Dividends

-

-

(96,000)

(96,000)

(54,000)

(150,000)

At 29 February 2024

100

301,875

1,416,865

1,718,840

1,286,592

3,005,432

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

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

 

Snowdon Holdings Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 March 2023

100

301,875

97,801

399,776

Profit for the year

-

-

81,530

81,530

Dividends

-

-

(96,000)

(96,000)

At 29 February 2024

100

301,875

83,331

385,306

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

 

Snowdon Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 29 February 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

511,075

542,053

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

302,109

211,678

Fair value adjustments on consolidation

-

(48,831)

Finance costs

5

273,631

193,877

Income tax expense

9

65,016

165,451

 

1,151,831

1,064,228

Working capital adjustments

 

Decrease/(increase) in stocks

13

314,773

(84,848)

Increase in trade debtors

14

(488,571)

(163,810)

(Decrease)/increase in trade creditors

16

(50,492)

520,023

Cash generated from operations

 

927,541

1,335,593

Income taxes paid

9

(7,161)

(117,860)

Net cash flow from operating activities

 

920,380

1,217,733

Cash flows from investing activities

 

Acquisitions of tangible assets

(560,627)

(1,322,237)

Proceeds from sale of tangible assets

 

-

18,515

Acquisition of intangible assets

10

-

(3,940)

Net cash flows from investing activities

 

(560,627)

(1,307,662)

Cash flows from financing activities

 

Interest paid

5

(273,631)

(193,877)

Proceeds from bank and hire purchase borrowing draw downs

 

707,553

1,052,660

Repayment of bank borrowing

 

(345,046)

(436,625)

Payments to finance lease creditors

 

(357,218)

(352,020)

Dividends paid

(150,000)

(158,695)

Net cash flows from financing activities

 

(418,342)

(88,557)

Net decrease in cash and cash equivalents

 

(58,589)

(178,486)

Cash and cash equivalents at 1 March

 

(135,065)

43,421

Cash and cash equivalents at 29 February

 

(193,654)

(135,065)

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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 26 November 2024.

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

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 29 February 2024.

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 £81,530 (2023 - profit of £202,633).

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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.

Based on current projections the group is not expected to require additional finance and all current loan agreements are in place until the termination dates. Based on current and anticipated performance the group is generating sufficient cash from operating activities to support the current loan repayment structure. A significant proportion of the loan repayment are forecast to end during 2026, with all of the current loan arrangements being fully repaid by 2029.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Judgements

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.

Interest on hire purchase contracts and finance leases are recognised evenly over the duration of the of the contract, the director consider this to be an appropriate absorption of costs for the assets being utilized.

Key sources of estimation uncertainty

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..

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.

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.

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.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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

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.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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.

Provisions

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 charge of interest over the period of the liability.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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.

3

Turnover

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

2024
£

2023
£

Sale of goods

11,314,216

10,825,154

Other revenue

33,093

19,639

11,347,309

10,844,793

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

296,358

205,928

Amortisation expense

5,751

5,750

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

24,989

13,908

Interest on obligations under finance leases and hire purchase contracts

248,642

179,969

273,631

193,877

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

6

Staff costs

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

2024
£

2023
£

Wages and salaries

1,520,252

1,314,519

Social security costs

104,449

103,520

Pension costs, defined contribution scheme

50,783

49,396

Other employee expense

7,194

12,547

1,682,678

1,479,982

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

2024
No.

2023
No.

Administration and support

16

14

Sales, marketing and distribution

62

63

78

77

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

254,049

136,104

Contributions paid to money purchase schemes

24,000

24,000

278,049

160,104

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

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
£

2023
£

Remuneration

65,803

64,313

Company contributions to money purchase pension schemes

12,000

12,000

Included within directors remuneration is £60,000 (2023 £Nil) which has been deferred.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

8

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

25,051

22,048

Other fees to auditors

All other non-audit services

4,747

4,825


 

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

9

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

75,707

(18,744)

Deferred taxation

Arising from origination and reversal of timing differences

(10,691)

-

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

-

184,195

Total deferred taxation

(10,691)

184,195

Tax expense in the income statement

65,016

165,451

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

576,091

707,504

Corporation tax at standard rate

144,023

134,426

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

30,019

-

Effect of tax losses

(67,450)

52,789

Deferred tax (credit)/expense relating to changes in tax rates or laws

(1,571)

184,195

Tax decrease from effect of capital allowances and depreciation

(26,987)

(176,303)

Tax decrease from effect of dividends from UK companies

-

(18,291)

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

(13,018)

(11,365)

Total tax charge

65,016

165,451

From 1 April 2023 the UK corporation tax rate increased to 25%, this rate of tax has been applied to the deferred tax position.

Deferred tax

Group

Deferred tax assets and liabilities

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

2024

Asset
£

Liability
£

-

220,549

-

220,549

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

2023

Asset
£

Liability
£

-

231,240

-

231,240

Company

10

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At aquisition of subsidiary

34,400

57,502

91,902

At 29 February 2024

34,400

57,502

91,902

Amortisation

At aquistion of subsidiary

34,400

17,394

51,794

Amortisation charge

-

5,751

5,751

At 29 February 2024

34,400

23,145

57,545

Carrying amount

At 29 February 2024

-

34,357

34,357

At 28 February 2023

-

40,108

40,108

Negative goodwill

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At aquistion of subsidiary

5,655,680

2,912,790

32,515

188,551

8,789,536

Additions

115,322

224,317

-

220,988

560,627

At 29 February 2024

5,771,002

3,137,107

32,515

409,539

9,350,163

Depreciation

At aquistions of subsidiary

61,690

2,051,953

6,036

68,410

2,188,089

Charge for the year

48,350

230,061

6,503

11,436

296,350

At 29 February 2024

110,040

2,282,014

12,539

79,846

2,484,439

Carrying amount

At 29 February 2024

5,660,962

855,093

19,976

329,693

6,865,724

At 28 February 2023

5,593,990

860,847

26,479

120,141

6,601,457

Included within the net book value of land and buildings above is £5,660,962 (2023 - £5,593,990) in respect of freehold land and buildings.
 

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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 £4,846,604 as at 28 February 2024 (2023: £4,779,632).

Land and buildings with a carrying value of £5,660,962 (2023: £5,593,990) have been pledged as security against secured loans and borrowings.
 

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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:

 

2024
£

2023
£

Fixtures, plant, machinery and equipment

1,048,497

703,862

Vehicles

8,867

11,667

Building improvements

281,314

270,819

 

1,338,678

986,348

Company

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

18,515

115,580

134,095

Additions

-

220,794

220,794

At 29 February 2024

18,515

336,374

354,889

Depreciation

At 1 March 2023

3,703

-

3,703

Charge for the year

3,703

10,402

14,105

At 29 February 2024

7,406

10,402

17,808

Carrying amount

At 29 February 2024

11,109

325,972

337,081

At 28 February 2023

14,812

115,580

130,392

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1,736,397

1,736,397

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Subsidiaries

£

Cost or valuation

At 1 March 2023

1,736,397

Provision

Carrying amount

At 29 February 2024

1,736,397

At 28 February 2023

1,736,397

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

     

2024

2023

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.

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

747,648

1,062,421

-

-

Group

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

14

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

55,767

7,787

44,330

62,500

Amounts owed by related parties

23

281,977

151,537

277,138

151,537

Other debtors

 

637,551

319,493

611,781

200,236

Prepayments

 

65,009

72,916

848

700

   

1,040,304

551,733

934,097

414,973

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

13,525

33,336

-

-

Cash at bank

4,869

17,462

1,163

5,292

18,394

50,798

1,163

5,292

Bank overdrafts

(212,048)

(185,863)

-

-

Cash and cash equivalents in statement of cash flows

(193,654)

(135,065)

1,163

5,292

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

1,105,896

842,622

36,823

19,679

Trade creditors

 

1,612,218

1,754,573

6,905

1,234

Amounts due to related parties

23

330,329

431,161

2,270,982

1,705,251

Social security and other taxes

 

107,262

45,922

1,657

-

Outstanding defined contribution pension costs

 

-

7,195

-

-

Other payables

 

118,425

123,555

-

-

Accruals

 

207,698

64,018

124,607

-

Income tax liability

9

119,690

51,144

41,726

51,144

 

3,601,518

3,320,190

2,482,700

1,777,308

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due after one year

 

Loans and borrowings

20

1,878,928

2,110,731

117,365

77,372

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 March 2023

231,240

231,240

Increase (decrease) in existing provisions

(10,691)

(10,691)

At 29 February 2024

220,549

220,549

Company

Deferred tax
£

Total
£

At 1 March 2023

32,598

32,598

Increase (decrease) through business combinations

(9,231)

(9,231)

At 29 February 2024

23,367

23,367

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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 £50,783 (2023 - £49,396).

Contributions totalling £Nil (2023 - £7,195) 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

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

20

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,228,555

1,442,822

-

-

Hire purchase contracts

650,373

667,909

117,365

77,372

1,878,928

2,110,731

117,365

77,372

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

555,664

436,446

-

-

Bank overdrafts

212,048

185,863

-

-

Hire purchase contracts

338,184

220,313

36,823

19,679

1,105,896

842,622

36,823

19,679

Group

Bank borrowings

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Loans and overdrafts is denominated in GBP with a nominal interest rate of between 2% and 14.4%, and the final instalment is due on 10 February 2029. The carrying amount at year end is £1,994,487 (2023 - £2,057,736).

Land and buildings are provided as security on specified loans with a total value of £863,296 (2023: £996,021).

21

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

416,829

277,457

Later than one year and not later than five years

1,026,808

841,563

1,443,637

1,119,020

Company

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

55,363

-

Later than one year and not later than five years

193,771

-

249,134

-

22

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £1,500.00 (2023 - £1,586.95) per ordinary share

 

150,000

 

158,695

         
 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

23

Related party transactions

Group

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr P A Penketh

Advances and repayments

-

68,500

68,500

       
     

Mr S M Pritchard

Advances and repayments

151,537

61,979

213,516

       
     

 

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

       
     

 

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 the company is leased from the pension fund, the annual rent being £120,000 (2023; £120,000) the outstanding balance on rent payable at the end of the period was £36,000 (2023; £24,000).

There is an outstanding loan due to the pension fund of £22,500 (2023; £52,500 ), interest is charged at 7% fixed rate.

 

Company

 

Snowdon Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Dividends paid to directors

   

2024
£

 

2023
£

Mr G Lewis

       

Interim dividends

 

21,120

 

23,000

         

Mr P A Penketh

       

Interim dividends

 

37,440

 

40,771

         

Mr S M Pritchard

       

interim dividends

 

37,440

 

40,771

         

Other transactions with directors

Included within the parent company accrual is director's remuneration of £120,000 (2023; £Nil) for S M Pritchard and P A Penkith which was deferred.

Summary of transactions with entities with joint control or significant interest

A company under significant influence of one of the directors of the group.
 The company was provided with advanced funds of £433,060 (2023: £59,118). The outstanding loan balance due from entity at the year end was £556,909 (2023; £123,849), a formal loan agreement has been set up after the balance sheet date. The company purchased equipment which is used by the entity totalling £220,794 (2023; £115,579). Operating lease agreements have been set up between the company in respect of these assets after the Balance Sheet date.
 

Summary of transactions with subsidiaries

Farm and Pet Place Limited
 Management fees of £150,000 (2023; £150,000) were paid from Farm and Pet Place Limited to Snowdon Holdings Limited. The outstanding balance at the year end was £NIL (2023; £62,500).
Dividends of £96,000 (2023; £96,270) were payable to the parent in the period.
Assets were leased from Farm & Pet Place Limited to Snowdon Holdings Limited, and £133,119 (2023: £Nil) remains outstanding on the lease as of year end.

The subsidary also advanced funds of £665,520 (2023: £173,416). The outstanding loan balance due to Farm and Pet Place Limited at the year end was £1,1940,653 (2023; £1,275,133). No interest is charged and no repaymet terms have been agreed,

 

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.